Beijing and Washington reach an agreement. China will suspend export restrictions on some US entities

China's Ministry of Commerce announced on Wednesday that it would suspend restrictions on the export of dual-use items for certain American entities. This is another element of the agreement between Beijing and Washington after the meeting between Chinese leader Xi Jinping and US President Donald Trump.

According to the announcement, the Chinese side will suspend restrictions on 15 US entities from November 10 and will extend the suspension of restrictions on another 16. These are 31 US companies and institutions that are currently banned from importing dual-use products from China, i.e. products that can be used for both civilian and military purposes.

In a separate statement, the Ministry of Commerce in Beijing announced that will withdraw tariffs on the import of certain American optical fibers, used, among others, in telecommunications and medicine.

These decisions were made a few days after the meeting of the leaders of both countries, the first in Trump's second presidential term. The summit took place on October 30 in Busan, South Korea, after several months of intensified trade war between the US and China, the world's two largest economies.

In talks that Trump described as “amazing,” the sides agreed to some concessions. The authorities in Beijing announced that they would suspend restrictions on the export of rare earths, key raw materials used in the production of, among others, smartphones, electric cars and fighter jet engines. The USA agreed to reduce customs duties by 10 percentage points. and lifting some of the export restrictions on technological products. (PAP)

mws/ akl/