From CNN’s John Liu
China’s Commerce Ministry has confirmed Beijing will suspend the implementation of its latest rare earth export controls, as well as special port fees targeting US ships, following the meeting between President Donald Trump and Chinese leader Xi Jinping.
Beijing drastically tightened its export restrictions on rare earths earlier this month, after Washington expanded its export control entity list to include subsidiaries that are 50% or more owned by already restricted firms.
A spokesperson for the ministry said in a statement the US had agreed to a suspension of its new rules targeting subsidiaries for a year, and in return, China will halt its new curbs on critical mineral exports for the same period.
The US will also pause for a year its special port fees targeting Chinese ships docking at American harbors, the spokesperson said. China will similarly follow suit in suspending its countermeasures imposed on US ships for a year.
Beijing has repeatedly voiced opposition since Washington unveiled plans to charge Chinese ships to dock at American ports, which went into effect this month.
Credit: CNN
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