US and China reach deal to ease rare earth mineral export curbs after talks in London
US and China agree on exports framework to ease trade tensions
- US and Chinese officials have agreed on a framework to de-escalate trade tensions following tariff disputes.
- The agreement aims to resolve disputes over mineral and technology exports, building on a fragile truce reached in Geneva last month.
- US Commerce Secretary Howard Lutnick said the framework puts 'meat on the bones' of the Geneva deal and should result in China easing restrictions on rare earth minerals and magnets.
- Both sides will seek approval from President Trump and President Xi Jinping to implement the framework, with the US potentially easing measures imposed in response to Chinese curbs on rare earth exports.
- The agreement follows a phone call between Trump and Xi and comes after China's exports to the US plunged 34.5 per cent in May, with Asian stock markets rising following the announcement.