Following the U.S. President’s announcement of a new trade agreement with China, Beijing confirmed the deal, stating that Washington will lift a series of restrictions, while China will “review” its export controls on certain goods.
The commerce ministries of both nations have released details today regarding the framework agreed upon during recent Geneva trade talks.
A U.S. official noted that the agreement primarily focuses on accelerating rare earth exports to the United States — critical materials used in electric batteries, defense systems, and renewable energy technologies, according to news agencies.
The deal builds on a preliminary agreement reached in May to reduce tariffs and was further shaped in June during negotiations in London.
China, in turn, expects Washington to reconsider export restrictions on U.S. technology products.
A spokesperson for China’s Ministry of Commerce called on both sides to “meet halfway” and promote “sound, stable, and sustainable” trade relations.
