After two days of intense talks in London, the US and Chinese delegations reached a framework agreement to return to a trade truce and lift export restrictions on rare earth elements from China. Reuters reports this, citing statements by officials.
US Secretary of Commerce Howard Luthnick confirmed that the agreement was a continuation of the Geneva consensus reached last month. It provides for the easing of some tariffs and the removal of restrictions, although the parties have not yet provided specific details.
“We have reached a framework agreement… Now each side has to go back to their leader – we to President Trump, they to President Xi – and get approval. If this happens, the agreement will be implemented,” Lutnik said.
China’s Deputy Minister of Commerce Li Chenggang also confirmed that agreements in principle had been reached and would be presented to the leadership of both countries in the near future.
The deadline is 10 August. If the final agreement is not signed, the US and China will return to the tariff war: duties will increase to 145% on the part of the US and 125% on the part of China.
