US-China talks end with plan for Trump and Xi to approve

The United States and China say that they have in principle accepted a framework for defusing trade tensions between the two largest economies in the world.

US Commerce Secretary Howard Lutnick said the agreement is expected to result in restrictions on minerals and rare earth magnets.

The two parties said they would now bring the plan to the president of their country – Donald Trump and Xi Jinping – for approval.

The announcement occurred after two days of negotiations in London between senior officials from Beijing and Washington.

Chinese exports of rare earth minerals, which are crucial for modern technology, were leading the agenda.

Last month, Washington and Beijing agreed with a temporary truce on commercial prices, but each country has since accused the other of raping the agreement.

The United States has said that China has been slow to publish exports of rare land and magnets that are essential for the manufacture of everything, from smartphones to electric vehicles.

Meanwhile, Washington has limited China access to American products such as semiconductors and other related technologies linked to artificial intelligence (AI).

“We have reached a framework to implement the Geneva consensus,” Larick told journalists.

“Once the presidents approved it, we will then try to implement it,” he added.

The new series of negotiations followed a telephone call between Donald Trump and the Chinese leader Xi Jinping last week that the American president described as a “very good speech”.

“The two parties, in principle, reached a framework for the implementation of the consensus reached by the two heads of state during the telephone call on June 5 and the consensus reached during the Geneva meeting,” said Chinese Minister of Commerce, Li Chenggang.

When Trump has announced scanning prices on imports from a number of countries earlier this year, China was the hardest. Beijing responded with its own higher prices on American imports, and this increase in Tit-Tat has sparked a 145%peak.

In May, Translections held in Switzerland led to a temporary truce that Trump called a “total reset”.

This brought us prices on Chinese products to 30%, while Beijing reduced samples from American imports to 10% and has promised to raise barriers to critical mineral exports. He gave both parties a deadline for 90 days to try to reach a commercial agreement.

But the United States and China have since claimed violations of non-pricing commitments.

US trade representative Jamieson Greer said China has failed to reduce restrictions on rare earth magnets.

Beijing said US violations of the Agreement included stopping sales software sales of IT flea to Chinese companies, warning against the use of chips manufactured by the Chinese giant of Huawei technology and canceling visas for Chinese students.

Before this week’s talks, the Chinese Ministry of Commerce said on Saturday that it had approved certain requests for rare Land export licenses, although it has not provided details on the countries involved.

Trump said on Friday that Xi agreed to restart the trade in rare land materials.