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.
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.
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.
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.
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.
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%.
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