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China, U.S. confirm details of their trade deal, Beijing says
- Beijing confirmed on Friday that it reached an agreement with the United States to review and approve export control applications while the US cancels restrictive measures.
- Months of trade disruption and tariffs triggered by President Trump since January 2025, including China's non-tariff countermeasures starting April 2, led to prolonged negotiations between the two countries.
- The agreement aims to expedite rare earth shipments essential for industries and involves both sides confirming framework details after Geneva talks and easing countermeasures imposed earlier this year.
- U.S. Commerce Secretary Howard Lutnick stated that shipments of rare earths will be sent to the U.S., and once these deliveries begin, the government will lift its countermeasures.
- This development suggests progress in mitigating trade tensions but underscores a long path toward a final trade deal between the world's largest economies.
158 Articles
158 Articles
China, US confirm details on framework for implementing Geneva trade talks consensus: Commerce Ministry
The Chinese and US economic and trade teams have recently further confirmed the details on the framework for implementing the Geneva trade talks consensus. China will review and approve compliant export applications for controlled items in accordance with the law and regulations. The US will correspondingly remove a series of restrictive measures taken against China, China's Ministry of Commerce (MOFCOM) said in a statement on Friday.
Deal with Beijing will speed China’s export of minerals to the US, treasury secretary says
By ELAINE KURTENBACH and WILL WEISSERT, AP Business Writer BANGKOK (AP) — Washington and Beijing have signed a trade agreement that will make it easier for American firms to obtain magnets and rare earth minerals from China that are critical to manufacturing and microchip production, U.S. Treasury Secretary Scott Bessent said Friday. The agreement comes after China retaliated against steep import tariffs imposed by the Trump administration on Ch…
Treasury secretary reveals 'peace deals' with China as rare earth supplies set to flow
Treasury Secretary Scott Bessent revealed new details about the reported trade deal struck between the U.S. and China, adding that he's now seen "de-escalation" firsthand."This is what leadership looks like under President Trump. We've got peace deals, we've got trade deals, we've got tax deals. And in dealing with the world's second-largest economy, we approached each other with mutual respect," Bessent said in an interview on "Mornings with Ma…
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