** U.S. vs. China - update **
Update: U.S. and China agree on plan to ease trade tensions as US appeals court allow tariffs to remain in effect.
They agreed to a framework and implementation plan to ease trade tensions on Tuesday.
“We have reached a framework to implement the Geneva consensus,” US Commerce Secretary Howard Lutnick said.
The commerce secretary indicated the deal should resolve issues between the two countries on rare earths and magnets. Representatives will now take the proposal to their respective leaders for approval.
The progress comes after two days of trade talks between the US and China in London.
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The US and China will continue trade talks on Tuesday after six hours of discussions between top officials kicked off in London on Monday. Tuesday's talks are expected to continue to focus on easing tensions over rare earths and tech.
The US and China are also now using their control over certain key materials to gain control in the trade war. Bloomberg reported on Friday that the US dominates in ethane, a gas used to make plastics, and China buys nearly all of it. Washington is now tightening control by requiring export licenses. China's curbs on exports of rare earth minerals, crucial for autos and more, have drawn Washington's ire.
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Source: Yahoo Finance