China has confirmed key details of a new trade deal framework with the United States, under which Beijing will approve export licences for restricted goods and Washington will lift several measures previously imposed against China.
The agreement, outlined in a statement by China’s Ministry of Commerce on Friday, aims to ease longstanding tensions over rare earth exports and technology access.
China will review and approve applications for items subject to export controls, while the United States will "cancel a series of restrictive measures taken against China", the ministry said, without detailing specific provisions.
The announcement follows comments by U.S. President Donald Trump, who said on Thursday that “we just signed with China yesterday”.
According to CNBC, a White House official later clarified that both sides had agreed to “an additional understanding” on implementing the Geneva agreement reached in May.
The Geneva framework was designed to de-escalate the tariff conflict that began in April when China introduced licensing requirements on rare earth exports in response to sharp U.S. tariffs. Those measures prompted concern about global supply chains, as China dominates global production of critical elements.
The two sides held high-level talks in London earlier this month, led by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng.
The meeting reaffirmed the commitment to implementing the Geneva accord and stabilising bilateral relations, which had become increasingly strained.
China also said it hoped both sides would “meet each other halfway”.
Meanwhile, the U.S. continues trade negotiations with other global partners. Treasury Secretary Bessent told Fox Business on Friday that Washington aims to conclude its trade agenda by early September, focusing on 18 key partners.
"If we can ink 10 or 12 of the important 18, there are another important 20 relationships," he said, adding that the full trade effort could be wrapped up by Labour Day on 1 September.
The next round of U.S. tariffs is scheduled to take effect on 9 July.
