China’s Ministry of Commerce in Beijing.
Visual China Group | Getty Images
According to one Make a statement By the Ministry of Commerce of China on Friday afternoon.
China will review and approve export applications for projects that comply with export control rules, while the United States will cancel a series of existing restrictive measures against Beijing, a spokesperson for the ministry said in a statement.
The announcement comes at an event held by U.S. President Donald Trump on Thursday said: “We just signed with China yesterday.” A White House official later clarified that the government and China agreed to “have further knowledge of the framework for implementing the Geneva agreement.”
Earlier this month, a deal was reached after two days of senior talks held in London by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier.
The London agreement has stabilized a solid relationship, with both sides accusing each other of violating the Geneva trade agreement.
Alfredo Montufar-Helu, senior advisor to the China Center, a nonprofit think tank, said that despite the encouraging development, “expectations for temper are important”.
He added that there is a lack of clear rare earth exit curbs and magnets are forbidden to relax.
Montufar-Helu said rare earths are crucial to the national security of both sides and that China will “may continue to restrict trade in these commodities.”
After the initial trade meeting in Geneva, Switzerland in mid-May, Washington and Beijing reached a preliminary agreement to suspend most of the tariffs for 90 days and to relieve certain restrictions.
Geneva trades then faltered as China’s relaxed curbs on rare earth exports and U.S. restrictions on technology and Chinese student visas.
