China's Ministry of Commerce in Beijing.
Visual China Group | Getty pictures
The United States and China have confirmed details of a trade framework that is intended to enable rare earth exports and the relaxation of technical restrictions, as was published by a statement by the Chinese Ministry of Commerce on Friday afternoon.
China will check and approved export applications for objects that are subject to the export control rules, while the United States cancel a number of existing restrictive measures against Beijing, a spokesman for the ministry said in the explanation without going.
The explanation is made after US President Donald Trump said on Thursday at an event in the White House: “We just signed at China yesterday.” An official of the White House later made it clear that the administration and China had approved “an additional understanding of a framework for the implementation of the Geneva Agreement”.
At the beginning of this month, the trade negotiation teams on both sides, which were conducted by the US Finance Minister Scott Bessent and Chinese Vice Premier He Lifeng, achieved an agreement in London after two days of high-ranking conversations on the implementation of the Geneva consensus.
The London Agreement has stabilized, which had become a strenuous relationship, with both sides accused of violating the Geneva trade agreement.
Alfredo Montufar-Helu, Senior Advisor of the China Center in the non-profit Think Tank The Conference Board, said that the development is encouraging: “It is important to mitigate expectations.”
He added that there was a lack of clarity, the rare earth sausage is relaxed, apart from magnets.
Montufar-Helu said that rare earths are of crucial importance for national security on both sides, and China will “probably further restrict the trade in these goods”.
After the first trade assembly in Geneva in mid -May, Washington and Beijing, a preliminary agreement had made a preliminary agreement to suspend the majority of the tariffs for the goods of the other for 90 days and to push back certain restrictions.
The Geneva deal later failed due to China's slow degradation in relaxing curb with rare earths and the US restrictions on technical and Chinese student visa.
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