The United States and China have reached a trade framework that both sides say could help restore trust and resolve key disputes, including removing China's export restrictions on rare earth and magnets.
At the end of two days of intense negotiations in London, U.S. Commerce Secretary Howard Lutnick said the framework combines the agreement reached last month in Geneva and the outcome from the 5 June call between Presidents Donald Trump and Chinese President Xi Jinping.
The Geneva deal had previously faltered over China's continued curbs on critical minerals exports, prompting the Trump administration to respond with export controls of its own preventing shipments of semiconductor design software, aircraft and other goods to China.
“We have reached a framework to implement the Geneva consensus,” Lutnick said, calling it “the first step” and adding, “We had to get the negativity out.”
Lutnick said he has briefed President Trump on the talks and added, “Once the presidents approve it, we will seek to implement it.”
He said the aim is to increase trade with China, and that the rare earth and magnet issues “will be resolved in this framework.” He added that when licenses are approved, “you should expect our export implementation to come down again.”
U.S. Trade Representative Sarah Greer said the U.S. is “in constant contact with China” but no further meetings are currently scheduled. She emphasized the U.S. is “moving as quickly as we can,” is “focused on full compliance,” and “feels positive about engaging with the Chinese.”
Greer added it’s up to President Trump whether a deadline gets extended. Greer also mentioned that she expects to see progress from China on fentanyl.
On the Chinese side, Vice Commerce Minister Li Chenggang said talks had been “professional, rational, in-depth and candid.” He said the progress could help “enhance trust” and “inject positive energy into world economic developments.” Li confirmed that the two sides agreed on a consensus during the Geneva meeting and that the framework will be reported to leaders.
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Diplomatic tensions between Tokyo and Beijing escalated as Japan slams China's export ban on dual-use goods. Markets have wobbled as fears grow over a potential rare earth embargo affecting global supply chains.
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