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The lithium mine closure has spurred speculation that Beijing might move to suspend other projects as it tackles overcapacity across the economy.

“I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China’s Trade Deficit with the USA,” President Trump wrote on Truth Social.

The Trump administration had frozen the sale of some advanced chips to China earlier this year as trade tensions spiked between the world’s two largest economies.

“To stay competitive, GM will temporarily source these packs from similar suppliers to power our most affordable EV model,” the company said in a statement.

The shift in fortunes began during President Donald Trump’s trade war with China in his first term, with the initial annual deficits recorded in 2019 and 2020.

The extension was announced Aug. 6 by the Ministry of Commerce. China is the world’s top buyer of the meat, which means its imports are tracked closely by the global market. 

The latest agreement and two others will allow GM to get the majority of rare-earth magnets it sources directly from domestic suppliers.

Trump on July 31 announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan, and a painful 25% levy on imports from India.

Key details remain sparse — or not immediately captured in writing. Here’s what we know about the agreements so far.

China’s top trade official Li Chenggang said the two sides agreed to keep the tariffs at current levels — the U.S. taxing Chinese goods at 30% and China collecting 10% on U.S. products.