
U.S., China strike framework deal to ease trade tensions
The United States and China have agreed on a framework deal to restore a trade truce and lift export restrictions on rare-earth minerals
Reuters reported the information.
After two days of negotiations in London, U.S. Commerce Secretary Howard Lutnick said the new agreement builds on what was already agreed upon in Geneva last month. According to him, the deal reached in London will lift some recent U.S. export restrictions.
“We have reached a framework to implement the Geneva consensus and the call between the two presidents. The idea is that we’ll go back and speak with President Trump to make sure he approves it. They’ll go back and speak with President Xi and make sure he approves it, and if it’s approved, then we’ll implement this framework agreement,” the secretary said.
China’s Vice Minister of Commerce, Li Chengang, also confirmed that a basic trade framework agreement had been reached, which will be submitted to the U.S. and Chinese leaders.
The countries have until August 10 to finalize a full agreement. Otherwise, the U.S. may raise tariffs to 145%, and China to 125%.
- Senior U.S. and Chinese officials on Tuesday, June 10, resumed trade talks for the second time. In London, they will attempt to reach a breakthrough on export controls over rare earth elements and other goods.
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