Shafaq News/ The United States andChina have reached a preliminary agreement to ease export restrictions andrevive their fragile trade truce, US and Chinese officials announced onWednesday following two days of intensive talks in London.
US Commerce Secretary Howard Lutnickdescribed the outcome as adding "meat on the bones" of the previousGeneva understanding, which had stumbled over China’s continued curbs on rareearth exports.
Under the new framework, Beijing hasagreed to lift export restrictions on rare earth minerals and magnets, whileWashington will ease some of its recent export controls on sensitivetechnologies, including semiconductor design software, aircraft, and othergoods. Specifics of the mutual rollbacks were not disclosed.
“We have reached a framework toimplement the Geneva consensus and the call between the two presidents,”Lutnick said at a late-night press briefing in London. “If approved, we willthen implement the framework.”
China’s Vice Commerce Minister LiChenggang confirmed the agreement in principle, noting that both parties willnow present it to their respective leaders for final approval.
Notably, Trump's shifting tariffpolicies had rattled global markets and disrupted supply chains, with the WorldBank this week lowering its 2025 global growth forecast to 2.3%, citinginstability as a key risk.
Despite the diplomatic breakthrough,officials and analysts cautioned that deep disagreements remainunresolved—particularly over Washington’s unilateral tariff policies andChina’s state-supported industrial model.
“They are back to square one,” saidJosh Lipsky of the Atlantic Council’s GeoEconomics Center. “But that’s muchbetter than square zero.”
Both sides have until August 10 tofinalize a broader accord. Without a deal, tariffs could snap backsharply—rising from around 30% to 145% on US imports from China, and from 10%to 125% on Chinese imports from the US.
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