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Announcement of U.S.-China summit results... "Joint research with the U.S. to resolve reasonable and legitimate concerns regarding rare earths"
"Purchase of 200 U.S. aircraft in accordance with the agreement between the two leaders... Restoration of registration qualifications for U.S. beef exporters"
China's Ministry of Commerce announced that it would discuss tariff reductions on goods worth $30 billion (approximately 45 trillion KRW) for each country with the United States and would jointly research with the U.S. on export control issues for key minerals such as rare earths.
On the 20th, a responsible official from the Department of American and Oceanian Affairs of China's Ministry of Commerce (equivalent to a 'bureau' in a Korean central ministry) stated that the U.S. and China had specifically discussed the results of the negotiations reached during high-level talks in Korea from the 12th to 13th of this month and the Beijing summit from the 13th to 15th, achieving a 'positive common understanding (agreement)'.
The Ministry of Commerce explained that the two countries had agreed in principle to discuss a "framework for equivalent tariff reductions on goods of equivalent scale" through the trade committee they had agreed to establish, adding that "the scale (of goods) is $30 billion or more for each."
It continued, "There is a possibility of applying most-favored-nation tariffs or even lower tariffs on mutually recognized goods determined through discussions between the two countries."
It further added, "If this plan is implemented, it will not only help stabilize and expand China-U.S. bilateral trade but also provide a beneficial reference point for global openness and cooperation," and "The economic and trade teams of both countries will maintain close communication, determine specific plans, and implement them as soon as possible."
Regarding rare earths, which have emerged as a powerful weapon for China in the U.S.-China trade conflict, the Ministry of Commerce stated its intention to conduct 'research' with the U.S. without making specific promises.
In the 'Rare Earth Export Control' section of its statement today, the Ministry of Commerce announced, "The China-U.S. economic and trade teams have engaged in sufficient communication and exchange on export control issues, and the two countries will jointly research to address each other's reasonable and legitimate concerns."
It also emphasized, "The Chinese government implements export controls on rare earths and other key minerals in accordance with laws and regulations, and it reviews permit applications that comply with laws and regulations and are for civilian use," adding, "China is willing to work with the United States to create favorable conditions for promoting mutually beneficial cooperation between enterprises of both countries and ensuring the safety and stability of global industrial and supply chains."
Furthermore, in accordance with the agreement between President Xi Jinping and President Donald Trump, the Ministry of Commerce stated, "Chinese airlines will introduce 200 Boeing aircraft in accordance with their air transport development needs and commercial principles," and "At the same time, the United States will provide China with guaranteed supply of sufficient engines and parts."
Today, the Ministry of Commerce welcomed the entry of excellent U.S. agricultural products into the Chinese market and mentioned that Chinese dairy products and some agricultural and aquatic products have potential demand in the U.S. market. It also stated that the two countries agreed to include some agricultural products within the framework of mutual tariff reductions as a measure to expand agricultural trade.
The restoration of registration qualifications in China for U.S. beef exporters, whose export channels to China had been blocked for some time due to a lack of qualification renewal, was also decided.
The Chinese Ministry of Commerce explained that the two countries also reached a consensus on non-tariff barriers for some agricultural products.
The U.S. decided to lift the automatic seizure measures applied since 2008 to Chinese dairy products, dairy-containing foods, and three types of aquatic products exported to the U.S., and also agreed to trial exports of Chinese bonsai to the U.S. China, in turn, decided to lift sanctions related to the spread of highly pathogenic avian influenza for some U.S. states that meet the requirements and resume imports of poultry products from those states.
The Chinese Ministry of Commerce stated, "The Chinese side hopes to work with the U.S. side to fully leverage each other's comparative advantages in agricultural resources to deepen bilateral agricultural cooperation and create favorable conditions for promoting trade."
Earlier, the U.S. White House also released a fact sheet on the results of the U.S.-China summit on the 17th (local time), which primarily focused on China's large-scale purchases of U.S. agricultural products and the establishment of a U.S.-China trade committee.
According to the fact sheet, China agreed to purchase at least $17 billion (approximately 25.7 trillion KRW) worth of U.S. agricultural products annually by 2028.
The fact sheet also included content similar to China's announcement today, such as China renewing export permits for over 400 U.S. beef facilities, cooperating with U.S. regulatory authorities to lift all restrictions on U.S. beef facilities, and purchasing 200 U.S. Boeing aircraft.
However, regarding rare earths and key minerals, while mentioning yttrium, scandium, neodymium, and indium as examples, it only included the phrase "China will address U.S. concerns regarding supply chain shortages."
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