The US and China have confirmed that they have reached an agreement on a trade deal framework, according to China's Commerce Ministry.
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The ministry's statement on Friday follows US President Donald Trump's earlier announcement that the two sides had signed a deal and that he expects a similar agreement with India soon. The framework reportedly includes the US lifting "restrictive measures" against China and Beijing agreeing to review and approve export control item applications. The trade talks have been ongoing, with initial discussions in Geneva in May leading to a postponement of planned tariff increases. One of the key issues addressed in the talks is the supply of rare earth elements, which are crucial for various industries including electric vehicles, technology, and defense. China controls the majority of global production and had started requiring export licenses in early April, a move perceived as retaliatory following US tariffs. The situation has led to concerns about global supply chains and economic impacts. The trade deal, once finalized, is expected to ease trade tensions between the two economic powers. Additionally, Chinese Foreign Minister Wang Yi is set to visit the EU, Germany, and France next week to further discuss diplomacy and security matters.