China confirmed on Friday, June 27th details on the framework of a trade deal with the United States, saying Washington would lift “restrictive measures” while Beijing would “review and approve” items under export controls.
A top priority for Washington in talks with Beijing had been ensuring the supply of the rare earths essential for products including electric vehicles, hard drives, and national defence equipment.
China, which dominates global production of the elements, began requiring export licences in early April, a move widely viewed as a response to blistering tariffs imposed by Trump.
The two sides agreed after talks in Geneva in May to temporarily lower steep tit-for-tat tariffs on each other’s products.
China also committed to easing some non-tariff countermeasures but U.S. officials later accused Beijing of violating the pact and slow-walking export licence approvals for rare earths.
They eventually agreed on a framework to move forward with their Geneva consensus following talks in London this month.
A White House official also told AFP on Thursday that Donald Trump’s administration and China had “agreed to an additional understanding for a framework to implement the Geneva agreement.”
That clarification came after the U.S. president told an event that Washington had “just signed” a deal relating to trade with China, without providing further details.
Beijing confirmed on Friday that an agreement had been reached.
