China confirms new trade deal with the US, reveals key details

It is noted that China and the United States agreed on a framework for implementing arrangements aimed at easing trade and economic tensions between the two countries. The negotiations took place on June 9–10 in London, where working groups from both sides reached a basic understanding on how to carry out the decisions previously agreed upon by the leaders of China and the US.

Officials in Beijing emphasized that this also builds on the trade and economic consultations held in Geneva in May.

Following the negotiations, teams from both countries continued exchanging information, prepared a joint draft, and received approval from the leaders of both states.

According to the agreed framework:

• China will shorten the review period for export license applications to the United States for goods subject to export controls.

• The US will lift part of the restrictive measures previously imposed on China.

Although full details of the agreement have not been disclosed, it is believed to include the resumption of rare-earth mineral exports to the US and the lifting of the US ban on exporting advanced AI-related chips to China.

"We hope that the United States and China will continue to find common ground and, in line with the agreement reached, keep using the trade and economic consultation mechanism to reduce misunderstandings, strengthen cooperation, and jointly promote the stable development of China–US economic and trade relations," the statement said.

Recently, US President Donald Trump announced that Washington had signed a new trade deal with China and was planning to conclude a similar agreement with India. However, the US leader did not reveal the contents of the deal.

Shortly after, US Commerce Secretary Howard Lutnick stated that the agreement had been signed two days earlier and formalized the arrangements reached during the Geneva and London negotiations between Beijing and Washington.

US tariffs

In early April, the administration of President Donald Trump imposed import tariffs on goods from most countries with trade relations with the United States. The rates varied by product and ranged from 10% to 49%.

However, on April 9, the president suspended those tariffs for three months to allow time for separate negotiations with each country and the signing of bilateral trade agreements.

The most intense conflict arose between the US and China: both countries repeatedly raised tariffs on each other's goods, eventually reaching record levels — 145% from the US and 125% from China.

During the negotiation process, Beijing lifted certain restrictions on the export of rare-earth metals.

In addition, China agreed to resume exports of rare-earth minerals and magnets to the United States.