U.S. Strikes Deal with China: Rare Earths Trade Breakthrough

In a significant move towards easing trade tensions, U.S. Commerce Secretary Howard Lutnick disclosed on Wednesday a trade framework with China. The agreement, formulated in London, focuses on addressing and resolving the restrictions surrounding rare earths and magnets.

Lutnick expressed optimism about the progress made in negotiations, stating that the U.S. delegation will present the framework to President Donald Trump. Lutnick expects that with Trump's approval, the implementation of the agreement will follow swiftly.

This development marks a stride in improving U.S.-China economic relations, as both sides recognize the critical importance of rare earth materials in various technological sectors.

(With inputs from agencies.)