U.S. and China Agree to Walk Back Tensions

New York Times

a day ago

The United States and China have agreed to a 'framework' that is intended to ease economic tension and extend a trade truce that the world's two largest economies reached last month, officials from both countries said on Tuesday.
After two days of marathon negotiations in London, top economic officials from the United States and China are now expected to present the new framework to their leaders, President Trump and President Xi Jinping, for final approval.
The agreement is intended to solidify terms of a deal that the United States and China reached in Switzerland in May that unraveled in recent weeks. Howard Lutnick, the commerce secretary who was part of the negotiating team, said that American concerns over China's restrictions on exports of rare earth minerals and magnets had been resolved.
'We have reached a framework to implement the Geneva consensus,' Mr. Lutnick told reporters in London.
He added that Mr. Trump and Mr. Xi would be briefed on the agreement before it took effect.
'They were focused on trying to deliver on what President Xi told President Trump,' Mr. Lutnick said. 'I think both sides had extra impetus to get things done.'
The U.S. trade representative, Jamieson Greer, who took part in the discussions, said they were also focused on ensuring compliance with what was agreed in Geneva about rare earth mineral exports and tariffs. He said the two sides would continue to be in regular contact as they tried to work through their economic disagreements.
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