A deal getting the fragile truce in the U.S.-China trade war back on track is done, U.S. President Donald Trump said on Wednesday, after negotiators from Washington and Beijing agreed on a framework covering tariff rates. The deal also removes Chinese export restrictions on rare earths minerals and allows Chinese students access to U.S. universities.
00:00President Donald Trump is reviewing the details of the China trade deal with his team, the White House said on Wednesday, and likes what he has learned about it so far.
00:09White House spokeswoman Caroline Levitt said the administration agreed to comply with the terms of the Geneva agreement it reached earlier with officials from Beijing.
00:20I do have more specifics for you. I spoke to the president about this.
00:24He spoke to his trade team who did a fantastic job negotiating this on behalf of the United States and meeting with their Chinese counterparts.
00:31The president is talking to them about the details of it now, but what the president heard, he liked.
00:35China has agreed to open their markets to the United States separately of this deal, and when it comes to this deal,
00:41we're going back to the terms that were agreed upon in Geneva for the release of some of those critical minerals and the magnets from China to the United States,
00:49and we have agreed to fully comply with the Geneva agreement as well.
00:52So the president is reviewing the details of that with his trade team now, and you'll hear more from him, I'm sure.
00:58U.S. Treasury Secretary Scott Bassant on Wednesday, June 11, called on China to uphold its commitments under an initial U.S. trade agreement reached in Geneva last month,
01:08hours after he and other U.S. and Chinese officials agreed on a new framework to implement the deal.
01:14Bassant said in testimony before the House of Representatives Ways and Means Committee that China has a singular opportunity to stabilise its economy
01:24by shifting away from excess manufacturing production for export to greater domestic consumption.
01:29Dozens, dozens, dozens of countries have engaged the administration thus far with offers to improve their trade relations with the United States.
01:39This includes China.
01:41I have just returned in the middle of last night from successful negotiations in London with a Chinese delegation
01:49that will not only stabilise the economic relationship between our two economies, but make it more balanced.
01:56China has a singular opportunity to stabilise its economy by shifting away from excess production towards greater consumption.
02:07But the country needs to be a reliable partner in trade negotiations.
02:12If China will course correct by upholding its end of the initial trade agreement we outlined in Geneva,
02:20and I believe after our talks in London they will,
02:24then the rebalancing of the world's two largest economies is possible.
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