The United States and China have agreed on a framework to implement their trade truce, officials on both sides said Wednesday, after concluding two days of talks in London to defuse tensions and ease export restrictions that threaten to disrupt global manufacturing.
American and Chinese negotiators agreed “in principle” to a framework on how to implement the consensus reached by the previous round of talks in Geneva last month and a phone call between the two countries’ leaders last week, China’s trade negotiator Li Chenggang told reporters in London, according to Chinese state broadcaster CGTN.
President Donald Trump on Wednesday said in a Truth Social post that a “deal” with China has been completed.
“Our deal with China is done,” Trump said in his all-caps social media post, adding that both countries agreed to ease export restrictions, per the prior arrangement agreed upon in Geneva in May. And the United States will allow Chinese college students to attend American universities after Secretary of State Marco Rubio announced last month a plan to “aggressively revoke” some Chinese students’ visas.
Officials on both sides will now take the proposal back to their leaders for approval, US Commerce Secretary Howard Lutnick told reporters in a separate briefing in London, Reuters reported. “If that is approved, we will then implement the framework,” he said.
China’s restrictions on exports of rare earth minerals and magnets to the US will be resolved as a “fundamental” part of the framework agreement, Lutnick said, according to Reuters. Trump confirmed on Wednesday in his post that the deal included “full magnets, and any necessary rare earths, will be supplied, up front, by China.”
“Also, there were a number of measures the United States of America put on when those rare earths were not coming,” Lutnick added. “You should expect those to come off, sort of as President Trump said: ‘In a balanced way.’”
Source:-CNN