On June 28, 2025, the U.S. administration finalized an interim trade agreement with China, marking a significant step in ongoing tariff negotiations. The deal, first outlined in Geneva last month, involves a mutual reduction of tariffs as both nations work toward a comprehensive trade pact. Treasury Secretary Scott Bessent confirmed the agreement, noting that it aims to facilitate smoother trade relations while addressing the U.S. demand for access to Chinese rare earth elements critical for industries like semiconductors and automotive manufacturing. The agreement comes as the Trump administration adjusts its initial July 9 deadline for trade pacts, with White House Press Secretary Karoline Leavitt stating that the deadline is ”not critical.” The administration’s top economic adviser also indicated a potential extension for countries negotiating in good faith, signaling flexibility in the process. This move follows a $185 million investment in trade discussions, reflecting a strategic shift to balance domestic manufacturing growth with international partnerships. The deal builds on earlier efforts, with President Trump highlighting increased tariff revenue and domestic production gains during a recent address. Meanwhile, the administration continues to negotiate with over 200 countries, though no specific timeline was set beyond a possible Labor Day target for key agreements. This development underscores the administration’s focus on reshaping global trade dynamics, with the China truce serving as a foundation for future economic policies.
34news.online
34news.online
