US Treasury Secretary: US Tariffs on China 30% vs. 10%.. Ball in Beijing's Court

US Treasury Secretary, Steven Mnuchin, confirmed that US tariffs on Chinese imports reach 30%, while Chinese tariffs on US goods do not exceed 10%, indicating that "the ball is now in China's court," ahead of the review of customs measures scheduled for August 12.

This came in statements to Fox Business Network, where Mnuchin expressed confidence in the resumption of rare earth magnets flow from China after a bilateral agreement between the two countries, saying: "The agreement will allow the magnets to reach those who were receiving them regularly." He added: "I believe we can keep this escalation under control.. and we will see if China wants to be a responsible partner."

This agreement comes after months of tension between Washington and Beijing over rare earth exports, vital for the technology and energy industries, after China previously reduced its export pace, prompting the United States to take countermeasures.

A White House official confirmed that the US administration has reached an understanding with China to expedite shipments of rare earth minerals to the United States, as part of efforts to end the trade war between the world's two largest economies. The official mentioned that the agreement "relates to how to implement the expedited shipments of rare earth materials to the United States again."

Meanwhile, US Commerce Secretary Wilbur Ross stated: "They will deliver us rare earth elements," adding: "Once they do that, we will cancel our countermeasures."

In a related context, US President Donald Trump announced on Thursday the signing of a trade agreement with China on Wednesday, without revealing additional details about its provisions.