00:00U.S. President Donald Trump says his administration has reached a deal with China
00:05that could ease the trade war between the world's two largest economies.
00:09We made a great deal with China. We're very happy with it.
00:13We have everything we need, and we're going to do very well with it, and hopefully they are too.
00:21The comments follow talks between the two sides in London,
00:24ending with what's described as a new framework for a tariff truce agreed to last month in Geneva.
00:42But details of the deal are murky.
00:45Trump saying in a post, magnets and rare earths will be supplied up front by China,
00:50while Chinese citizens will be able to, quote, use American universities.
00:57But how long will it last?
01:01The Wall Street Journal reporting that Beijing's easing of critical rare earth exports is limited to just six months.
01:10In the meantime, the U.S. will restore exports of key items like jet engines to China.
01:15While much of the deal remains under wraps, U.S. Treasury Secretary and negotiator Scott Besant,
01:22now back from London, warned China to play ball.
01:25But the country needs to be a reliable partner in trade negotiations.
01:30If China will course correct by upholding its end of the initial trade agreement we outlined in Geneva,
01:37and I believe after our talks in London they will,
01:41then the rebalancing of the world's two largest economies is possible.
01:48With more than $600 billion U.S. dollars worth of trade on the line,
01:52the stakes for the two economic giants and for the world are high.
01:57Patrick Chun and Chris Gorin for Taiwan Plus.
01:59Patrick Chun and Chris Gorin for Taiwan Plus.
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