China, U.S. confirm details of their trade deal, Beijing says
The United States and China have confirmed the details of a commercial framework which aims to allow exports of rare land and the relaxation of technological restrictions, according to a press release published by the Chinese Ministry of Commerce Friday afternoon.
China will examine and approve requests for exporting the elements subject to export control rules, while the United States cancels a range of existing restrictive measures imposed against Beijing, a ministry spokesman for the press release said.
The statement comes after President Donald Trump said Thursday during an event at the White House that “we have just signed with China yesterday”. An official of the White House then specified that the administration and China had accepted “an additional understanding of a framework to implement the Geneva Agreement”.
Earlier this month, commercial negotiation teams on both sides, led by the Treasury Secretary, Scott Bessent and the Chinese Deputy Prime Minister, He Lifeng, concluded an agreement on the implementation of the Geneva consensus after two days of high-level talks in London.
The London agreement stabilized what had become a difficult relationship, the two parties accusing each other to violate the Geneva Trade Agreement.
Alfredo Montufar-Helu, principal advisor to the China Center of the non-profit reflection group, the conference committee, said that if development was encouraging, “it is important to temper expectations.”
He added that there was a lack of clarity on which the rare earth export borders will be relaxed, except magnets.
Montufar-Helu said that rare earths were vital for national security on both sides, and that China “would probably continue to constrain the trade in these goods”.
After the initial commercial meeting in Geneva, Switzerland, in mid-May, Washington and Beijing had concluded a preliminary agreement to suspend a majority of prices on the other’s goods for 90 days and to retreat certain constraints.
The Geneva Agreement then defeated what US officials said that China’s slowdown on the relaxing borders on rare earth exports and US restrictions on the tightening of technological visas and Chinese students.
