By David Lawder.
WASHINGTON (Reuters) -U.S. President Donald Trump and Chinese President Xi Jinping on Thursday took steps to de-escalate their trade war, swapping some U.S. tariff reductions and tighter export controls for a pause in Beijing’s new restrictions on rare earth minerals and magnets and a resumption of its purchases of American soybeans.
The deal averts Trump’s threatened 100% tariff on Chinese goods and extends a delicate trade truce between the world’s two largest economies for about a year.
Here are some of the key elements of the Trump-Xi agreement that was reached in Busan, South Korea:
TARIFF REDUCTION ON FENTANYL-RELATED CHINESE GOODS
The U.S. will cut in half Trump’s current 20% tariff on Chinese goods related to supplies of fentanyl opioid precursor chemicals coming…more
Source www.yahoo.com
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