Nikkei: Discrepancies have emerged over the details of China’s agreement on rare earth

Nikkei is reporting that:

• Discrepancies have emerged over the details of China’s agreement with the US to pause rare earth export restrictions.
• Washington says pass controls will also be eliminated. China has not announced they were on board with that.

There seems to be a bit of a disconnect.

Earlier today, the Federal Register posted the details of an Executive Agreement whereby it said:

Under the Arrangement, the
PRC has committed to, among other things, postpone and
effectively eliminate the PRC’s current and proposed coercive
global export controls on rare earth elements and other critical
minerals, and address Chinese retaliation against United States
semiconductor manufacturers and other major companies in the
3
semiconductor supply chain. The PRC has also committed to
purchase United States agricultural exports integral to the
economy and general welfare of the United States, including
soybeans, sorghum, and logs. And the PRC has committed to
suspend or remove many retaliatory actions against the United
States, including suspending tariffs on a vast swath of United
States agricultural products until December 31, 2026, and
extending the PRC’s market-based tariff exclusion process for
United States imports until November 10, 2026.
The United States, in turn, committed to, among other
things, maintain the suspension of heightened reciprocal tariffs
on imports of the PRC until 12:01 a.m. eastern standard time on
November 10, 2026.

It was added that:

I determined that it was necessary
and appropriate to address the emergency declared in Executive
Order 14257 by suspending application of the heightened
ad valorem duties imposed on the PRC under Executive Order
14257, as amended, and to instead impose on articles of the PRC
an additional ad valorem rate of duty of 10 percent.

This article was written by Greg Michalowski at investinglive.com.