Negotiations take place in the decisive moment for both economiesbecause customs data show that China exports to the USA in May fell by 34.5 percent. This is the largest decrease since February 2020, when the Covid-19 pandemic explosion has turned the world trade upside down.
The American side will represent US Treasury Secretary Scott Bessent, Secretary of Trade Howard Lutnick and a representative of Jamieson Greer trade. Chinese delegation chairman HE LIFEng.
According to Reuters, the participation of Lutnicka, which works in an agency dealing with export control to the USA, is one of the evidence that the main topic of conversations will be the elements of rare lands. China almost monopolize the production of magnets from rare earth elements, which are a key element of electric motors.
At the same time, Lutnick was not present during talks in Geneva, during which the countries concluded a 90-day agreement on the abolition of some three-digit duties that imposed each other.
On May 30, Donald Trump made serious charges against China, claiming that Beijing violated a trade agreement with the United Stateswhich predicted a recent significant reduction in its own import duties.
Then China declared that the US “seriously violated” a trade agreement with mutual reduction of duties, and promised to take action to protect their interests.
On June 6, Trump announced the date of the meeting of representatives of the United States and China in London regarding the trade agreement and added that he has positive expectations for future conversations.
