USA-China, Beijing confirms: “One-year halt on restrictions for rare earth exports”

Beijing, Oct. 30 (LaPresse) – China will suspend for one year “the implementation of export control measures,” the Ministry of Commerce in Beijing announced following the meeting between Chinese President Xi Jinping and U.S. President Donald Trump. Earlier this month, Beijing had tightened controls on rare earths and other key materials essential for advanced technology production. In return, Washington will suspend for one year a regulation aimed at expanding trade restrictions on entities at least 50% owned by parties on a “sanctions list.” The Chinese ministry also stated that Washington has agreed to reduce tariffs on all Chinese products previously introduced in response to the flow of fentanyl precursor chemicals into the U.S. Other reciprocal tariffs on Chinese products will remain suspended for one year. Trump had made a similar announcement earlier. “These outcomes of the consultations were achieved with great effort,” the Beijing Ministry of Commerce said in a statement, adding that “China looks forward to cooperating with the United States to implement them effectively.”