Introduction
Introduction Statistics Contact Development Disclaimer Help
.-') _ .-') _
( OO ) ) ( OO ) )
.-----. ,--./ ,--,' ,--./ ,--,'
' .--./ | \ | |\ | \ | |\
| |('-. | \| | )| \| | )
/_) |OO )| . |/ | . |/
|| |`-'| | |\ | | |\ |
(_' '--'\ | | \ | | | \ |
`-----' `--' `--' `--' `--'
lite.cnn.com - on gopher - inofficial
ARTICLE VIEW:
Trump economic adviser ‘very comfortable’ with a trade deal closing
with China on Monday
By Auzinea Bacon, CNN
Updated:
2:58 PM EDT, Sun June 8, 2025
Source: CNN
National Economic Council Director Kevin Hassett said Sunday that he is
“very comfortable” with a trade deal closing between the United
States and China after the two sides meet .
Hassett’s comments on CBS’ “Face the Nation” come after
President Donald Trump said last week that he had a with Chinese leader
Xi Jinping and that talks with China are “very far advanced.”
Hassett said the United States is looking to restore the flow of
“crucial” rare earth minerals, which are used in the manufacturing
of electronics, to the same levels before early April, when the
US-China .
“Those exports of critical minerals have been getting released at a
rate that is higher than it was, but not as high as we believe we
agreed to in Geneva,” Hassett said.
Commerce Secretary Howard Lutnick will lead the negotiations in London,
along with Treasury Secretary and US Trade Representative Jamieson
Greer, who in May led a weekend of the trade talks .
But weeks later after Trump posted on Truth Social that China
“totally violated” its 90-day trade agreement, which had dialed
back the tit-for-tat trade war. Under the agreement, the US temporarily
lowered its overall tariffs on Chinese goods from 145% to 30%, while
China cut its levies on American imports from 125% to 10%.
Under the agreement, China said it would suspend or cancel its
non-tariff countermeasures imposed on the United States since April 2.
Part of Beijing’s retaliatory measures included export restrictions
on some rare earth minerals, which are essential parts used in products
such as iPhones, electric vehicles and fighter jets.
Hassett touts tariff policy
The Trump administration on April 2 imposed sweeping “reciprocal”
tariffs on dozens of trading partners before and lowering them to a
10% baseline. Hassett on Sunday declined to say what baseline tariffs
could be in place moving forward as the Trump administration continues
negotiations with trading partners ahead of the July 9 deadline.
“You could be certain that there’s going to be some tariffs,”
Hassett said.
Lutnick told CNN’s “State of the Union” in May that “ and to
expect that baseline rate for the foreseeable future.
The Trump administration has so far announced only one trade deal, with
the .
The Trump administration has touted that other countries, particularly
China, will bear the burden of tariffs. Businesses and economists have
warned otherwise, spurring uncertainty about consumer spending and
fears of a potential recession. Amid those concerns, US inflation
slowed to its in more than four years in April. The annual inflation
rate fell from a 2.4% increase in March to 2.3% as consumer prices
rose 0.2%, according to Consumer Price Index data.
“All of our policies together are reducing inflation and helping
reduce the deficit by getting revenue from other countries,” Hassett
said.
The Treasury Department reported that a record $16.3 billion was
collected in gross customs duties in April, a sharp jump from the $8.75
billion that was collected in March.
Since the start of the 2025 fiscal year, which began in October 2024,
the United States has collected about $63.3 billion in gross customs
duties — a more than $15 billion increase from the same period during
the last fiscal year. The Congressional Budget Office that increased
tariff revenue, without accounting for effects on the US economy, could
reduce total deficits by $3 trillion over the next decade.
The US government deficit stood at about $2 trillion in 2024, or
roughly 7% of gross domestic product, according to a June 2024 by the
CBO. Meanwhile, House Republicans’ sweeping bill to enact Trump’s
policy agenda would pile another $3.8 trillion to the government’s
$36 trillion debt pile, according to .
<- back to index
You are viewing proxied material from codevoid.de. The copyright of proxied material belongs to its original authors. Any comments or complaints in relation to proxied material should be directed to the original authors of the content concerned. Please see the disclaimer for more details.