As US retailers worry about supply chain, China weighs next move
Share and Follow


LOS ANGELES () The U.S. and China have signed an agreement on trade, President Donald Trump said, adding he expects to soon have a deal with India.

Commerce Secretary Howard Lutnick told Bloomberg TV that the deal was signed earlier this week. Neither Lutnick nor Trump provided any details about the agreement.

“We just signed with China the other day,” Trump said late Thursday.

Lutnick said the deal was “signed and sealed” two days earlier.

It was unclear if the latest agreement was different from the one Trump announced two weeks earlier that he said would make it easier for American industries to obtain much-needed magnets and rare earth minerals. That pact cleared the way for the trade talks to continue, while the U.S. agreed to stop trying to revoke visas of Chinese nationals on U.S. college campuses.

China’s Commerce Ministry said Friday that the two sides had “further confirmed the details of the framework.” But its statement did not explicitly mention U.S. access to rare earths, minerals used in high-tech applications that have been at the center of the negotiations.

The agreement follows initial talks in Geneva in early May that led both sides to postpone massive tariff hikes that were threatening to freeze much trade between the two countries. Later talks in London set a framework for negotiations, and the deal mentioned by Trump appeared to formalize that agreement.

The tariff war, however, has led to a huge drop in volume at the Port of Los Angeles.

The port’s executive director, Gene Seroka, told that overall volume is still down by more than 10% for this time of the year. He predicts the unpredictable tariff situation will likely impact back-to-school shopping season, Halloween and even potentially Christmas.

“The port’s really slow. Cargo volume in the month of May was the lowest it’s been in more than two years,” he said. “And even though we’ve seen a bit of an uptick in June picking up some of the cargo that was completed over in Asia, it’s still lower than what June should look like for us. So that means fewer jobs by the dock workers, the truckers and the warehouse people.”

But despite the uncertainty, China remains one of America’s biggest trade partners, and word of a new U.S.-China trade deal should bring more traffic for the time being.

Share and Follow
You May Also Like
Former Pink Floyd member Roger Waters faces possible prosecution after supporting banned Palestine Action

Former Pink Floyd member Roger Waters faces possible prosecution after supporting banned Palestine Action

NEWYou can now listen to Fox News articles! Former Pink Floyd songwriter…
Top Iranian cleric calls for Trump's execution

Top Iranian cleric calls for Trump’s execution

NEWYou can now listen to Fox News articles! A top Iranian cleric…
What did Trump know about Israel's strike on Iran before it happened?

Trump and Netanyahu to discuss ceasefire in Gaza at the White House

() President Donald Trump will meet with Israeli Prime Minister Benjamin Netanyahu…
Cops reveal chilling new details on Sophia Hutchins’ fatal ATV crash as pal Caitlyn Jenner speaks out

New Information Released by Police on Sophia Hutchins’ Tragic ATV Accident While Friend Caitlyn Jenner Shares Thoughts

Cops have released heartbreaking new details about Caitlyn Jenner’s longtime friend and…
Trump calls Elon Musk's formation of new party 'ridiculous'

Trump criticizes Elon Musk for starting a new political party

President Donald Trump criticized Elon Musk’s idea of starting a new political…
Border Patrol kills man after he shot officer: Police

Police report man fatally shot by Border Patrol agent after he injured officer

() Border Patrol shot and killed a man after he opened fire…
Texas summer camp evacuated 70 staying near river ahead of flooding: 'Saw it coming'

Texas summer camp evacuated 70 staying near river ahead of flooding: ‘Saw it coming’

NEWYou can now listen to Fox News articles! A Texas summer camp…
More Rain on the Way for Texas Amid Historic Flooding

Texas Anticipates More Rain in the Midst of Historic Flooding

IE 11 is not supported. For an optimal experience visit our site…