NEW YORK, June 9. /TASS/. The administration of US President Donald Trump will have to make significant compromises for China to agree to resume exports of rare earth metals to the United States, which were suspended in April in response to US tariffs, the New York Times reported.
On Monday, delegations from the two countries are to start the second round of trade talks in London. The Chinese side is represented by Vice Premier He Lifeng.
The US delegation includes Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US trade envoy Jamieson Greer.
As the publication notes, one of the main topics of discussion will be China's export restrictions on rare earth metals and magnets, introduced on April 14. China currently controls about 99% of the supply of some types of such metals, which play a vital role in the automotive, semiconductor and aerospace industries.
According to Kevin Hassett, director of the White House National Economic Council, the goal of negotiations with China will be to get shipments of rare earths from China "to flow just as they did before the beginning of April."
Beijing is demanding an easing of American export restrictions and the removal of a number of tariffs imposed by the Trump administration. Earlier, The New York Times noted that Beijing's restrictions could seriously affect the activities of a number of American companies, including military contractors.
On April 2, Trump announced the introduction of tariffs on products from 185 countries and territories. Russia was not included in this list. Universal tariffs of 10% came into effect on April 5, individual ones - on April 9. On the same day, the US President announced a 90-day suspension of some retaliatory duties, which was due to trade consultations, as the White House explained.
During this period, a universal tariff of 10% is in effect. At the same time, Trump raised tariffs on Chinese products to 125%. Taking into account the previously introduced 20% duty for the allegedly insufficient efforts of the authorities of Canada, China and Mexico to combat fentanyl smuggling to the United States, the total duty on goods from China was 145%. The first round of US-China trade consultations took place on May 10-11 in Switzerland. Following the talks, the parties agreed to mutually reduce tariffs from May 14. On June 5, Chinese President Xi Jinping and Trump held a telephone conversation and agreed to hold a new round of trade and economic negotiations promptly.