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.
Yemen's air force carried out 20 strikes on Houthi targets earlier on Friday, Brigadier General Majid Abdullah Al-Nuzaili, Spokesman for t...
The European Space Agency (ESA), Airbus and European partners have put a six-wheeled Mars rover prototype through its paces in Spain’s Tabern...
Azerbaijan won 22 medals, including seven gold, at the Mingachevir Regatta 2026 as more than 100 young rowers from 12 countries competed in the int...
Yemen's air force carried out 20 strikes on Houthi targets earlier on Friday, Brigadier General Majid Abdullah Al-Nuzaili, Spokesman for the Yemeni Armed Forces, said. Meanwhile, the Iran-backed Houthis denied targeting a power plant supplying energy to a mosque in Medina, Saudi Arabia.
Passengers from a flydubai flight that was diverted to Saudi Arabia after an alleged attempt to crash the aircraft have arrived safely in Israel.
Azerbaijan and Armenia will sign a final peace agreement once Armenia amends its constitution to remove territorial claims against Azerbaijan, Hikmat Hajiyev, Assistant to Azerbaijan’s President Ilham Aliyev, has said.
Ukraine is working to resolve a diplomatic dispute with South Korea after Kyiv publicly disclosed the transfer of two North Korean prisoners of war to Seoul, Ukrainian Foreign Minister Andrii Sybiha said on Thursday, 1 October.
British counter-terrorism police have arrested a 27-year-old dual UK-Iranian national as part of an investigation into a suspected plot involving RAF Fairford, an airbase used by U.S. forces for operations against Iran.
A retired Australian builder has arrived in Baku in his 1929 Pontiac Roadster during an epic journey from Bangkok to Istanbul, using the nearly century-old car to raise money for Parkinson’s research.
Around 400 schools across France remained closed on Friday as protests over teacher shortages and deteriorating buildings escalated into violence, leaving dozens injured and leading to 2,000 arrests.
Russian President Vladimir Putin said on Thursday that Moscow wanted to end the war in Ukraine through negotiations as soon as possible, while insisting that any settlement must meet conditions acceptable to Russia and include security guarantees.
The family of Renee Good, a U.S. citizen fatally shot by an immigration agent in Minneapolis in January, has sued the Trump administration, accusing federal officials of excessive force and unconstitutional conduct.
Ukraine is working to resolve a diplomatic dispute with South Korea after Kyiv publicly disclosed the transfer of two North Korean prisoners of war to Seoul, Ukrainian Foreign Minister Andrii Sybiha said on Thursday, 1 October.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment