Kevin Hassett, the director of the National Economic Council, stated on Sunday that he feels “very comfortable” with a trade agreement between the United States and China concluding during their meeting in London on Monday.<\/p>\n
President Donald Trump stated last week that he had a “perfect” meeting with Chinese leader Xi Jinping and that negotiations with China are “very far advanced.” Hassett’s remarks on CBS’ “Face the Nation” follow his speech.<\/p>\n
According to Hassett, the US wants to return the flow of “crucial” rare earth minerals used in electronics production to the levels that existed before the escalation of the US-China trade war in early April.<\/p>\n
Hassett stated that critical mineral exports have been released at a rate higher than previously the case, but not as high as what we think was agreed upon in Geneva.<\/p>\n
Along with Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer, who oversaw a weekend of trade discussions in Geneva in May, Commerce Secretary Howard Lutnick will head the meetings in London.<\/p>\n
However, after Trump claimed on Truth Social that China “totally violated” his 90-day trade pact, which had slowed down the tit-for-tat trade war, tensions between the two countries increased weeks later. As part of the deal, China reduced its duties on US imports from 125% to 10%, and the US temporarily reduced its total taxes on Chinese goods from 145% to 30%.<\/p>\n
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