U.S. and China Agree on Trade Framework to Resolve Rare Earth Export Issues

In a significant development towards easing trade tensions, U.S. and Chinese officials have reached a crucial framework agreement. This framework aims to resolve issues around China's export restrictions on rare earth minerals and magnets, as outlined by U.S. Commerce Secretary Howard Lutnick. The agreement comes after intense negotiations in London.

The framework is designed to solidify a deal initially agreed upon last month in Geneva, which aims to reduce retaliatory tariffs that were previously stalled by China's critical minerals export curbs. Secretary Lutnick emphasized that the framework will eliminate certain recently imposed U.S. export restrictions, pending presidential approval from both nations.

China's Vice Commerce Minister, Li Chenggang, also confirmed at a briefing that the framework aligns with agreements made during prior discussions and a phone call between the two countries' leaders. The resolution of China's rare earth export restrictions is considered a fundamental aspect of this deal, expecting reciprocity from the U.S. on export measures.

(With inputs from agencies.)