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US President Donald Trump has said that the US and China have signed an agreement on trade. He said that an agreement with India is also expected soon.
Commerce Secretary Howard Lutnick told Bloomberg TV that the deal had been signed earlier this week. Neither Lutnick nor Trump provided details about the deal.
'We just signed with China', Trump said Thursday night.
Lutnick said the agreement was "signed and sealed" two days ago.
This is the result of preliminary talks in Geneva at the beginning of May . The talks prompted both sides to postpone major tariff hikes. The tariff hike threatened to suspend most trade between the two countries. Talks in London after the
set the framework for the talks, and the deal Trump referred to appears to formalize that deal .
'The President likes to complete these deals himself . He is a deal maker . We will make one deal after another', said Lutnik.
China has not announced any new deals, but it did announce earlier this week that it is speeding up export approvals for rare minerals, materials used in high-tech products such as electric vehicles . Beijing's limits on the export of rare minerals have been a major point of contention.
China's Ministry of Commerce said Thursday that Beijing is speeding up the review of export license applications for rare mineral elements and has approved a "certain number of compliance applications".
Export controls on minerals appear to have overtaken tariffs in the latest trade talks between Beijing and Washington after China imposed permit requirements on seven rare earth elements in April. Export controls on those minerals threaten to disrupt the production of cars, robots, wind turbines and other high-tech products in the US and around the world.
The deal reached in Geneva in May called on both sides to reduce punitive tariff hikes imposed by Trump as he escalated his trade war and sharply raised import tariffs. Some of the higher tariffs imposed by Washington related to the fentanyl trade and tariffs on aluminum and steel remain .
Rapidly changing policies are affecting the world's two largest economies .
The US economy shrank at an annual rate of 0.5 percent from January to March, partly as companies and households rushed to buy foreign goods.
Factory profits in China fell more than nine percent in May from a year ago. Automakers have borne the brunt of that decline. In January-May, they fell by more than one percent on an annual basis .
Trump and other US officials have signaled that they expect to reach trade deals with several other countries, including India.
'We'll make one deal after another', Lutnick said.
