He said a trade deal with China will be signed soon. The two leaders met while on their way to the APEC CEO Summit. Beijing has not released any official information about the meeting.
What you should know
US President Donald Trump has announced that he will reduce tariffs on Chinese goods. Trump made the announcement after meeting with Chinese President Xi Jinping in South Korea.
Similarly, the issue of easing Chinese restrictions on rare earths (rare minerals and metals) coming from China to the US was also discussed.
Citing national security reasons, China tightened its restrictions on the export of rare minerals and metals, which had a major impact on the economies of the US and Western countries.
He said that a trade agreement with China would be signed soon. The two leaders met while attending the APEC CEO Summit. Beijing has not released official information about the meeting.
What is rare earth?
A group of 17 chemical elements found on Earth is called rare earths. It is used in the manufacture of military equipment such as smartphones, electrical appliances, vehicle parts, ships and fighter jets.
It is used to make parts including batteries, motherboards, screens, speakers, motors and more. According to a report by the International Energy Agency, it is estimated that 60 percent of the world's total rare earth minerals are mined in China.
More than 90 percent of the rare earth metals that can be used in devices (processed rare earth metals) are processed in China. Since last April, Beijing has tightened the supply of seven rare earth minerals and related technologies, citing national security reasons. This is seen as a new series of trade wars between the world's two superpowers.
Not only the United States, but also other major economies including Western Europe, South Korea, Singapore, and Japan are affected by this decision. Because, its use is inevitable in the manufacture of electrical devices and cutting-edge technology.
