Chinese and U.S. officials confirm the “ink is dry,” as a new trade deal has officially been signed. The news came during a White House event last night.
Commerce Secretary Howard Lutnick says the deal was reached earlier this week and is based on earlier trade talks in London. It codifies those terms and includes a commitment from China to send rare earth materials to the United States. Lutnick also told reporters that the U.S. would lift countermeasures but only once the minerals are delivered.
This deal did not mention any specific agricultural products, but officials say they will remain in close contact.
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China will reduce its tariffs from 125% to 10%. In return, the U.S. will lower tariffs on most Chinese goods from 145% to 30%.
NCBA is not historically in favor of tariffs, but sees them as a necessary tool in the current environment.
