Donald Trump, President of the United States, and Xi Jinping, President of China, are leaving the meeting room after concluding the US-China summit at Naraemaru Protocol Office, Busan Gimhae Air Base on the 30th. Photo by Yonhap News
The Chinese government has officially announced that it will defer the implementation of strengthened export controls on rare earths for one year following the conclusion of the US-China summit.
On the 30th, the Ministry of Commerce of China announced on its website in a Q&A format that the deferral of rare earth export controls was agreed upon during high-level US-China trade talks held prior to the summit.
The Ministry of Commerce explained that since the United States decided to defer for one year its measures to block US companies from acquiring sensitive technologies through subsidiaries of Chinese companies included on the blacklist announced on the 29th of last month, China will also defer for one year the strengthened export controls on rare earths, equipment, and technology that it announced on the 9th of this month in response.
The Ministry further stated that the United States has decided to withdraw the 10% "fentanyl tariff," and in response, China will adjust its retaliatory measures related to fentanyl tariffs.
Additionally, the United States will suspend for one year its Section 301 trade law investigations into China's shipping, logistics, and shipbuilding industries, and China will also suspend related countermeasures for one year.
Previously, on the 14th, the Ministry of Commerce announced that it had decided to adopt retaliatory measures against five US subsidiaries of Hanwha Ocean and others in response to the US investigation.
The two countries have agreed to cooperate in combating fentanyl trafficking, expand agricultural trade, and resolve issues related to the handling of cases involving relevant companies.
Furthermore, China has agreed to properly resolve issues related to TikTok with the US side, and the United States has pledged investment and other support.
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