China confirms details of U.S. trade deal

The U.S. and China have officially confirmed the details of a trade framework that aims to facilitate rare earth exports and ease tech restrictions, as stated by China’s Ministry of Commerce on Friday.

China will be responsible for reviewing and approving export applications for items under export control rules, while the U.S. will lift various existing restrictive measures imposed on Beijing, according to the ministry’s spokesperson.

President Donald Trump announced the agreement on Thursday, mentioning that it was signed with China the day before. A White House official later clarified that it was an understanding of a framework to implement the Geneva agreement.

Trade negotiation teams from both countries, led by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, reached an agreement in London earlier this month to implement the Geneva consensus. This agreement has helped stabilize a strained relationship between the two nations.

Despite the positive development, Alfredo Montufar-Helu from The Conference Board’s China Center cautioned that expectations should be tempered. He highlighted the lack of clarity on which rare earth export restrictions will be eased, except for magnets.

Montufar-Helu emphasized the importance of rare earths for national security on both sides, suggesting that trade in these goods may still face constraints. Following the initial trade meeting in Geneva, both countries had agreed to suspend tariffs and roll back certain restrictions, but the deal faced challenges over China’s slow progress in relaxing export curbs on rare earths and the U.S. tightening restrictions on tech and Chinese student visas.