As part of a trade agreement reached between the United States and China, China will begin easing an export ban on automotive computer chips, which are critical to automobile manufacturing worldwide, the White House announced.
After Xi Jinping and Donald Trump met in South Korea this week, the White House released a new fact sheet confirming the details of the agreement. The countries also reached deals on US soybean exports, the supply of rare earth minerals, and the materials used in the creation of the narcotic fentanyl.
The agreement de-escalates a trade war between the world’s two largest economies, which began when Trump imposed tariffs on China after taking office this year, sparking rounds of retaliation and global business anxiety. A spokeswoman for the Chinese Embassy in Washington informed the BBC that “competent authorities” had conveyed facts about the agreements struck.
“China-US economic and trade relations are mutually beneficial in nature,” according to him. As President Xi Jinping stated, “The business relationship should continue to serve as the anchor and driving force for China-US relations, rather than a stumbling block or point of friction.”
Following the revelation of the agreement terms, Treasury Secretary Scott Bessent told CNN that “we don’t want to decouple from China.” (But) they’ve proven to be an untrustworthy partner.
Also Read:
Marjanae Truesdale: Transforming Love through Awareness and Spiritual Intuition
Professor Paul Robert Vogt: A Global Mission to Transform Heart Surgery
