American and Chinese officials agreed to re -route their commercial truce and resolve China’s restrictions on exports of rare earth and magnets, US Secretary of Commerce, Howard Lutnick, said on Tuesday, concluding two days of intense negotiations in London.
Lutnick told the press that the framework reinforces the agreement reached last month in Geneva to make the retaliation tariffs that had faltered due to the restrictions imposed by China to exports of critical minerals.
The agreement will also eliminate some recently implemented US export restrictions, he added.
“We have reached a framework to implement the consensus of Geneva and the agreement between both presidents,” said Lutnick.
“The idea is that we talk to President Trump again to ensure that he approves it. They will speak with President XI again to ensure that he approves it, and if it is approved, then we will implement the frame,” he added.
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The main economic officials of the United States and China were pressing to achieve an agreement that would relieve the export controls faced, and that had threatened to dismantle the Geneva Agreement that reduced tariffs from three digit levels.
In a separate information session, China’s Deputy Minister of Commerce, Li Chenggang, also said that a commercial framework had been reached that would be presented to US and Chinese leaders.
“Both parties have reached, in principle, to a framework to implement the consensus reached by the two heads of state during the phone call of June 5 and the consensus reached at the gin meeting,” Li told journalists.
Lutnick said China’s restrictions on exports of rare earth minerals and magnets to the United States will be resolved as a “fundamental” part of the Framework Agreement.
“In addition, the United States implemented several measures when those rare earths were not importing,” said Lutnick. “It is expected to be eliminated, as President Trump said in a balanced way.”
With Reuters information
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