China confirms trade deal with US and lifting of ‘restrictive measures'
The announcement by the US and China follows initial talks in Geneva in early May, which led both sides to postpone massive tariff hikes.
China has confirmed details of a trade deal with the United States, saying Washington would lift 'restrictive measures' while Beijing will 'review and approve' items under export controls.
On Thursday, US President Donald Trump announced that the US and China had signed a trade agreement and that he expects to reach a deal with India soon.
'We just signed with China the other day,' Trump said.
Rare earth minerals
The announcement by the US and China follows initial talks in Geneva in early May, which led both sides to postpone massive tariff hikes that threatened to derail much of the trade between the two countries.
A top priority for Washington in talks with Beijing had been ensuring the supply of the rare earth minerals for products including tech products, electric vehicles, hard drives and national defence equipment.
ALSO READ: Hopes rise as US and China continue trade talks
Restrictions
China, which dominates global production of the elements, began requiring export licences in early April, a move widely viewed as a response to blistering tariffs imposed by Trump, according to AFP.
Beijing confirmed on Friday that an agreement had been reached.
'It is hoped that the United States and China will meet each other halfway,' a spokesperson for the commerce deoartment said in a statement.
Huawei ban
There was no mention if there would be a lifting of the US ban on Huawei products.
When the Trump administration blacklisted Huawei Technologies in 2019 over spying concerns, the move almost wiped out the Chinese company's global smartphone business.
Yet it bounced back with the support of China's government and is now at the center of national efforts to achieve technological independence from the West.
The remarkable comeback raises questions about whether US efforts to contain China's geopolitical ascent have been effective or adequate and which of the two superpowers will come to dominate in areas such as semiconductor design and artificial intelligence, according to Bloomberg.
Some have equally wondered about whether the United States is truly concerned about raising any national security concerns against Huawei, or about safeguarding its dominance of the global technology ecosystem.
ALSO READ: Trump says deal with Xi 'extremely hard' as steel tariffs double
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