White House touts deals on soybeans and rare earths after Trump-Xi summit, while China talks up tariff cuts
The recent summit between Trump and Xi resulted in discussions about trade agreements, particularly concerning soybeans and rare earths. While the U.S. highlighted China's commitment to addressing rare earth shortages, the Chinese statement did not mention these minerals. Analysts suggest that U.S.-China relations may improve incrementally under Trump's presidency, but future tensions could arise with the next U.S. administration.
- ▪The U.S. stated that China would address rare earth shortages, including yttrium, scandium, neodymium, and indium.
- ▪China plans to reduce tariffs as part of the trade agreements discussed at the summit.
- ▪The U.S. confirmed Chinese plans to purchase 200 Boeing airplanes, while China noted the need for U.S. supply of engines and parts.
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The Chinese statement also did not mention rare earths, while the U.S. said China would address rare earth shortages — particularly of yttrium, scandium, neodymium and indium. Beijing controls the supply chain for many obscure minerals that are critical components of smartphones, cars and weapons.The summit itself was "underwhelming," but U.S.-China relations will likely improve "incrementally" as long as Trump is president, Jacob Shapiro, strategic partner and geopolitical advisor at The Bespoke Group, said Monday on CNBC's "Squawk Box Asia.""After you get past Trump, I don't see that Trump is passing the baton to anyone in the United States who is [interested in] meaningfully improving ties with China," he said.
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