Cnn
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The director of the National Economic Council, Kevin Hassett, said on Sunday that he was “very comfortable” with a commercial agreement concluded between the United States and China after the meeting of the two parties Monday in London.
Hassett’s comments on CBS “Face The Nation” came after President Donald Trump said last week that he had a “Very good” conversation With the Chinese leader Xi Jinping and that discussions with China are “very advanced”.
Hassett said the United States sought to restore the flow of The minerals of rare “crucial” land, which are used in the manufacture of electronics, at the same levels before early April, When the United States-China The trade war has intensified.
“These exports of critical minerals were released at a higher pace than it was, but not as high as we think in Geneva,” said Hassett.
Commerce secretary Howard Lux Scott Bessent and the representative of American trade Jamieson Greer, who in May led a weekend of commercial talks in Geneva.
But Tensions between nations have increased A few weeks later, Trump posted on Truth Social that China “completely violated” its 90-day trade agreement, which had resumed the Tit-For-Tat trade war. Under the agreement, the United States has temporarily lowered its overall prices on Chinese products from 145% to 30%, while China reduced its samples from American imports by 125% to 10%.
Under the agreement, China said it suspended or cancels its non-tariff countermeasures imposed in the United States since April 2. Part of the Beijing reprisal measures included export restrictions on certain rare earth minerals, which are essential parts used in products such as iphones, electric vehicles and fighter planes.
The Trump administration, April 2, imposed radical “reciprocal” prices on dozens of business partners before Pause them for 90 days and lower them to a basic line of 10%. Hassett refused to say what basic prices could be in place on Sunday to go forward while the Trump administration continues for negotiations with business partners before the deadline of July 9.
“You might be sure that there will be prices,” said Hassett.
Lutnick told the “Union State” of CNN in May that “We will not go below 10% “ And expect this reference rate in the foreseeable future.
The Trump administration has so far announced only one trade agreement, with the United Kingdom.
The Trump administration has boasted that other countries, especially China, will support the burden of prices. Companies and economists have warned the opposite, stimulating uncertainty about consumer spending and fears of a potential recession. In the midst of these concerns, American inflation has slowed down lowest rate In more than four years in April. The annual inflation rate increased from an increase of 2.4%in March to 2.3%, consumer prices increased by 0.2%, according to data from the consumer price index.
“All our policies together reduce inflation and help reduce the deficit by obtaining income from other countries,” said Hassett.
The Treasury Department indicated that a record of $ 16.3 billion was collected in gross customs duties in April, a net bondage compared to the $ 8.75 billion that was collected in March.
Since the start of the 2025 fiscal year, which started in October 2024, the United States has obtained approximately $ 63.3 billion in gross customs duties – an increase of more than $ 15 billion compared to the same period in the last financial year. The Congress Budget Office estimates This increase in pricing income, without taking into account the effects on the American economy, could reduce the total deficits by 3 billions of dollars over the next decade.
The US government deficit amounted to approximately 2 billions of dollars in 2024, or about 7% of the gross domestic product, according to a June 2024 report by the CBO. Meanwhile, the Radical Bill of the Republicans to adopt Trump’s political agenda would stack 3.8 billions of additional dollars to the heap of 36 billions of dollars of the government, according to Recent estimates of CBO.