This framework agreement is expected to remove bottlenecks in US-China bilateral trade relations, especially the issue of rare earths and magnets.
After two days of high-level negotiations in London, the US and China have reached a key framework agreement, opening up new prospects in resolving trade disputes between the world's two leading economies.
The important breakthrough of the negotiations was the consensus on the framework for implementing the agreements reached between the two countries' leaders during the phone call on June 5 and at the previous meeting in Geneva.
This framework agreement is expected to remove bottlenecks in bilateral trade relations, especially rare earth and magnet issues.
US Commerce Secretary Howard Lutnick expressed optimism about the prospects for resolving trade disputes, although the deal still needs to be formally approved by the leaders of the two countries.
This view was also shared by US Trade Representative Jamieson Greer, who affirmed that Washington is actively promoting the process.
The Chinese side, through the speech of International Trade Representative Li Chenggang, highly appreciated the "professional, rational and frank" nature of the dialogue, and expressed hope for enhancing trust between the two sides.
The talks took place amid urgent concerns over the two countries’ disagreements over export restrictions and tariffs. In particular, the US has cited the delay in approving rare earth shipments from China as a sticking point in bilateral trade relations./.