The truce in the trade war between the United States and China is supposed to end its end. Scheduled to expire this Tuesday, August 12, it could be extended “90 additional days”last week on Fox Business said US trade secretary Howard Lunick. In any case, it’s her « sentiment ». But, in the meantime, customs duties on American and Chinese products should return to 125 % and 145 % respectively on Tuesday, for lack of prolongation of the truce.
As a reminder, Beijing was first targeted by 10 %, then 20 % of American surcharge. These were justified by the role played by Chinese, according to Washington, in the production of fentanyl, an opioid behind a serious health crisis in the United States. At the beginning of April, Beijing and Washington then engaged in a trade war with taxes, up to exorbitant levels, far beyond 100 %.
An agreement on rare earths at the end of June
In May, the first two world economies finally agreed in Geneva on the maintenance of a customs break, in order to continue their negotiations. This made it possible to reduce customs duties to a more modest level of 10 % and 30 %, adding to those already existing on a certain number of products.
At the end of June, Donald Trump said at an event that Washington “Had just signed” An agreement on trade with China, without giving more details. An American official said that the two parties had validated an agreement in particular on the acceleration of rare land expeditions to the United States. China has announced that they have “Confirmed” With the United States, the framework of its trade agreement, ensuring that Washington would raise restrictions against him and that Beijing could validate the export of more articles subject to control.
“Constructive” negotiations in Stockholm
At the end of July, negotiations took place In Stockholm between American and Chinese officials to try to reach, at least, to a new 90 -day extension of the truce. Beijing and Washington welcomed discussions on Tuesday July 29 “Constructive” After two days of negotiations in the Swedish capital.
The United States and China have exchanged its points of view on the main economic and commercial issues, and intend to maintain close communication, said Chinese representative to international trade, Li Chenggang, quoted by the agency Xinhua. The Americans clarified having, without surprise, raised the question of the purchase by China of large volumes of Russian and Iranian oil. “We have expressed our concern”said the American Treasury Secretary, Scott Bessent.
Trump said Trump last Tuesday that the United States was close to a trade agreement with Beijing and said he was ready to meet his Chinese counterpart, Xi Jinping, before the end of the year, if a market was concluded. “We are very close to an agreement. We get along very well with China ”he told the CNBC media. But no compromise has yet been announced for the moment.
