US and China sign deal on rare earth elements to end trade war

The White House announced in a statement that the administration and China have agreed on a framework for implementing the Geneva Accord. It noted that the agreement builds on the agreement reached last month in Geneva, Switzerland, on a trade truce.

It was stated that the agreement focused on accelerating the shipment of rare earth elements to the US. With this agreement, the parties laid the groundwork for negotiations on a comprehensive trade agreement, which was previously postponed for 90 days.

While the negotiation framework was determined during the talks in London, Trade Minister Howard Lutnick announced in an interview with Bloomberg TV that the agreement was signed and officially approved two days ago. Lutnick declined to elaborate on the details of the deal.

China's Ministry of Commerce confirmed the existence of the agreement on Friday, stating that it would review and approve applications under export controls in accordance with the law. However, China did not make a specific statement on rare earths.

“Following the London talks, the two sides' teams remained in close communication,” a spokesperson for China's Ministry of Commerce stated, adding, "The parties continue to verify the details of the framework. Applications for export control items that meet the requirements in accordance with the law will be reviewed and approved."