United States, China has agreed to “framework to implement” a commercial agreement, announces Libreick
Fox Business White’s correspondent Edward Lawrence asks the Secretary of Commerce Howard Lunick and the American sales representative Jamieson Greer on China Trade Deal.
The United States and China have reached a “executive” to implement a commercial agreement concluded between the two parties last month in Geneva, announced Howard Lungick, commercial secretary.
Development comes after two days of meetings between negotiators in London and a telephone call last week between President Donald Trump and Chinese President Xi Jinping. The United States and China announced a 90-day relaxation which involved reduced prices in May, but the two parties accused each other of having taken the agreement.
“We have reached a framework to implement the Geneva consensus,” said Lunick.
“We are going to start implementing this framework on the approval of President Trump, and the Chinese will obtain the approval of their President XI, and that is the process,” added Lodnick, according to the Wall Street Journal.
China accuses us of undermining the trade agreement
US Treasury Secretary Scott Bessent and Chinese Deputy Prime Minister He Lifeng poses for a photo with the American commercial representative Jamieson Greer, the American secretary to trade Howard Litnick, the Chinese Minister of Commerce Wang Wentao and the Chinese Chinese International Trade Trade (Treasury / Handout of the United States via Reuters / Reuters)
Lutnick would have said he expected Trump to approve the agreement on Wednesday, noting “I feel really good to know where we arrived”. The main Chinese negotiator Li Chenggang also said that the United States and China, “were in principle agreed,” said Wall Street Journal.
The newspaper said that a key objective for American negotiators led by Lunick and the Treasury Secretary Scott Bessent was to encourage Beijing to accelerate their exports of minerals and rare-terrain magnets that contain them.
Meanwhile, Beijing negotiators have asked the United States to facilitate restrictions on the sale of technologies and other goods in China, he added, citing people familiar with the issue.
The two parties did not reveal what was agreed in the context, also reported the Wall Street Journal.
However, Lutnick said: “We absolutely expect the subject of minerals and rare earth magnets, as regards the United States of America, will be resolved in this implementation of the framework”.
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Howard Lungick, American secretary to trade, arrives for commercial discussions in Lancaster House in London, Tuesday, June 10, 2025. (Chris J. Ratcliffe / Bloomberg via Getty Images / Getty Images)
Earlier this month, China accused the United States of undermining the trade agreement between the two countries.
According to a translation of the website of the Chinese Ministry of Commerce, a spokesperson for the ministry said at the time that after discussions in Geneva, the United States “had successively introduced a certain number of discriminatory restrictive measures against China, in particular by issuing export control directives for the revocation of AI, by stopping the sale of flea design software (EDA) to China and Chinese students. ”
President Donald Trump, on the left, and Chinese President Xi Jinping. (Anna Moneymaker / Mauro Pimentel / AFP / Getty Images)
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“In the direction of President Trump, the administration moves aggressively to critical supply chains on the ground, including the production of magnets, in the United States,” said the press secretary of the White House, Karoline Leavitt.
Alex Nitzberg of Fox Business contributed to this report.
