Summary
- It was reported that export controls will be the main issue at the second trade talks between the United States and China.
- Chairman Kevin Hassett stated that exports of key minerals, including rare earths, to the U.S. are falling short of expectations.
- With Secretary of Commerce Howard Lutnick joining the talks, discussion of export controls is expected to gain even more importance.
It is anticipated that the main issue of the second round of high-level trade talks between the United States and China, to be held in London, United Kingdom on the 9th, will be export controls rather than tariffs.
Kevin Hassett, Chairman of the White House National Economic Council (NEC), said in an interview with CBS News, "The (Chinese) exports of critical minerals to the United States are proceeding at a faster pace than before, but it is not at the level we thought was agreed upon in Geneva, Switzerland." He added, "We want rare earths to flow into cell phones and everything else as they did before early April, and we do not want any technical details to slow those inflows." This implies that export controls on rare earths and other topics will be a major subject of discussion at this meeting.
The Wall Street Journal (WSJ) interpreted, "The presence of Howard Lutnick, United States Secretary of Commerce, at the London talks differs from the Geneva (first) meeting and is a change that China will welcome," adding, "Secretary Lutnick, who oversees export control operations, joining the talks shows President Donald Trump's willingness to discuss these issues with China directly."
Reporter Donghyun Kim 3code@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
