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Tech world breathes sigh of relief at China trade detente

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Technology


Technology

 

The Big Story

Tech world breathes sigh of relief at China trade détente

The tech industry is once again breathing a sigh of relief after the U.S. and China walked back trade tensions that threatened to disrupt key supply chains.

© AP Photo/Kiichiro Sato

Trade relations between Washington and Beijing devolved in the weeks leading up to Thursday's meeting between President Trump and Chinese President Xi Jinping in South Korea.

China placed new export controls on rare earth minerals, risking U.S. access to materials that are essential for semiconductors, electric vehicles and U.S. F-35 fighter jets.

Trump responded by threatening to place a 100 percent tariff on Chinese imports, jeopardizing tech supply chains heavily reliant on China.

However, the two sides reached an agreement to deescalate Thursday, with the U.S. scaling back tariffs, and China delaying rare earth export controls and resuming some soybean purchases.

Jason Oxman, president and CEO of the Information Technology Industry Council, said in a statement that he welcomed "efforts to address industry concerns on rare earth mineral export controls and global security."

“Today’s meeting is a strong sign of deescalation, and we hope the two sides can build on this momentum," he said.

"Global economic growth and stability benefit from positive U.S-China relations, and it’s critical that leaders on both sides keep the........

© The Hill