U.S. and Chinese officials said on Tuesday, June 10th, that they had agreed on a framework to get their trade truce back on track and remove China’s export restrictions on rare earths. However, the deal offers little sign of a durable resolution to longstanding trade conflicts.
At the end of two days of intense talks in London, U.S. Commerce Secretary Howard Lutnick told reporters the framework deal puts “meat on the bones” of an agreement reached last month in Geneva to ease bilateral retaliatory tariffs that had reached exorbitant triple-digit levels.
Lutnick said the agreement would remove restrictions on Chinese exports of rare earth minerals and magnets and some of the recent U.S. export restrictions “in a balanced way,” but did not provide details
