The US-China trade talks are ongoing, with recent developments indicating substantial progress in negotiations. Here's an update as of June 9, 2025:
💥Key Discussions
🔹️Tariff Reduction:
The US and China are working to reduce tariffs, with the US seeking to decrease tariffs below 60% as an initial step.
🔸️Rare Earth Minerals:
The talks focus on ensuring stable access to rare earth minerals, vital for advanced manufacturing and defense technologies.
🔹️Fentanyl Trade:
Discussions aim to address China's role in the fentanyl trade and find ways to curb exports of materials used in its production.
💥Recent Agreements
🔹️A 90-day agreement was reached in May, reducing tariffs on each other's goods. The US cut tariffs from 145% to 30%, while China dropped its tariffs from 125% to 10%.
🔸️Both nations have agreed to establish a dialogue mechanism focused on economic and trade matters.
💥Upcoming Talks
🔹️High-level trade talks between the US and China are scheduled to take place in London, with Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer meeting with Chinese representatives.
💥Challenges Ahead
🔹️Despite progress, several contentious issues remain unresolved, including disputes over critical mineral exports and Taiwan's status.
🔸️Domestic opposition to trade agreements and geopolitical tensions may complicate negotiations.