US-China Trade Deal Finalized: Key Details & Impact on Global Economy

Why Is This Important for Exams?
Current affairs dominate sections in SSC, PSC, UPSC, and banking exams.
Trade policies impact economy-based questions in NID/NIFT/FDDI entrance tests.
Understanding global deals helps in GD/PI rounds for top institutes.
Recent updates are often asked in state-level exams (Kerala PSC, TNPSC, etc.).


Key Details of the US-China Trade Deal
Confirmation: Both the US (under Trump) and China announced finalized terms, including lifted restrictions.
Rare Earth Exports: China accelerated approvals for rare earth minerals (used in tech/electric vehicles).
Tariff Rollbacks: The deal cancels some retaliatory tariffs but retains others (e.g., steel/aluminum).
Economic Impact: US GDP dipped by 0.5% (early 2024), while China’s manufacturing profits fell by 9%.
Global Ripple Effect: Talks with India and other nations hint at future trade pacts.


Sample Questions & Answers
Q: What was a major point of dispute in US-China trade talks?
A: China’s restrictions on rare earth exports, critical for tech industries.
Q: How did the US economy perform post-tariff announcements?
A: It contracted by 0.5% due to pre-tariff stockpiling of imports.
Q: Which sector in China saw a 9% profit decline in May 2024?
A: Automotive manufacturing.
Q: Where were preliminary US-China trade talks held?
A: Geneva (May 2024) and later London.
Q: Name one material still under US tariffs post-deal.
A: Steel and aluminum.


How to Prepare for Entrance Exams
Competitive exams demand updated knowledge and strategic practice. For high-yield topics like trade deals, rely on myentrance.in’s most predicted questions—curated by experts to match exam patterns. Our mock tests and current affairs digest simplify last-minute revision.