China to suspend rare earth export control measures against US following Xi-Trump summit: Commerce Ministry

By Mucahithan Avcioglu

ISTANBUL (AA) - China will suspend the current rare earth export restrictions against the US for a year, the Commerce Ministry said after a meeting between Donald Trump and Xi Jinping in South Korea, confirming the US leader's announcement.

"China will suspend the implementation of relevant export control measures announced on Oct. 9 for one year and will study and refine specific plans," a statement from the ministry said.

China, the ministry added, will make "corresponding adjustments" to its countermeasures against US tariffs, adding that both sides have agreed to continue extending certain tariff exclusion measures.

"The United States will suspend for one year the implementation of a new rule announced on Sept. 29 that expands its "entity-list" export restrictions to any entity that is at least 50 percent owned by one or more entities on the list," the statement said.

Trump earlier said the US will ease tariffs on Chinese goods in exchange for curbing the flow of fentanyl, resuming purchases of US soya beans and keep exporting rare earth.

The US would reduce fentanyl-linked tariffs from 20% to 10%, lowering the overall tariff burden from 57% to 47%.