Empty containers heading back to West Coast for return trip to China (near Amarillo, TX)
WASHINGTON, DC – U.S. and Chinese officials have signed a new trade agreement following weeks of negotiation, including earlier discussions in London. The deal was finalized at an event at the White House on Thursday night.
Under the agreement, China will begin shipments of rare earth minerals to the United States. In exchange, the U.S. will lift certain trade countermeasures once those shipments begin.
Although agriculture was not explicitly addressed in the agreement, officials from both countries indicate that they plan to maintain close contact. U.S. negotiators emphasized that maintaining open communication with China is essential, particularly on issues such as biotechnology approvals, sanitary and phytosanitary standards, and future agricultural trade policy.
Rare earth minerals are used in a wide range of technologies, from smartphones and wind turbines to tractors and precision ag equipment. China currently supplies more than 70 percent of the world’s rare earth elements.
