Latest news with #tradeframework
South China Morning Post
2 days ago
- Business
- South China Morning Post
China grants export permits to rare earth giant for US, Europe shipments
A top Chinese rare earth exporter, which hosted President Xi Jinping during a 2019 inspection , said it had obtained export permits for several destinations, including the United States. Investors welcomed the news, sending the company's shares higher. Advertisement JL MAG Rare-Earth said on Wednesday that it had also been granted licenses for Europe and Southeast Asia, and that it would export magnetic materials, components and motor rotors. 'After the export controls imposed on medium and heavy rare earth and related items were announced, the company immediately carried out export declaration work in accordance with relevant rules,' it said on the Shenzhen Stock Exchange's interactive investor platform. 'The company is not involved in military businesses. We will continue to strictly observe relevant laws and policies.' Headquartered in Jiangxi, central China, JL MAG is the world's largest manufacturer and seller of permanent rare earth magnets, its stock exchange filings showed. Advertisement The company, dual-listed in Shenzhen and Hong Kong, generated 312 million yuan (US$43.4 million) from exports in the first quarter of 2025, with 122 million yuan attributed to shipments to the US, it said on Wednesday. JL MAG's announcement came after Chinese and US officials on Tuesday said both sides had 'agreed in principle' to a trade framework – pending approval from their respective leaders – following a second day of talks in London.
Reuters
2 days ago
- Business
- Reuters
VIEW Analysts react to US-China trade agreement
SINGAPORE, June 11 (Reuters) - U.S. Commerce Secretary Howard Lutnick said that a trade framework and implementation plan agreed with China in London should result in restrictions on rare earths and magnets being resolved. China's Vice Commerce Minister Li Chenggang said earlier the two teams had agreed on implementing their Geneva consensus and would take the agreed framework back to their leaders. QUOTES: CHRIS WESTON, HEAD OF RESEARCH, PEPPERSTONE, MELBOURNE: "The devil will be in the details but the lack of reaction suggests this outcome fully expected. "While clearly a positive outcome, the lack of reaction in S&P500 futures, and the incremental moves seen in CNH or AUD, suggests achieving the framework on the Geneva agreement was fully expected – the details matter, especially around the degree of rare earths bound for the US, and the subsequent freedom for US produced chips to head East, but for now as long as the headlines of talks between the two parties remain constructive, risk assets should remain supported. "The reaction in Chinese equities could be telling and I suspect US equity futures will track developments here closely today."
Bloomberg
08-05-2025
- Business
- Bloomberg
Trump Announces Framework With UK, Lowering Trade Barriers
US President Donald Trump announced a trade framework with the UK, hailing it as a 'breakthrough' that will bring down barriers and expand market access for American imports. 'I'm thrilled to announce that we've reached a breakthrough trade deal with the United Kingdom,' Trump said Thursday in the Oval Office.
