China confirms trade framework details with US

On June 5, the US president had posted Truth Social that he had a “very good” call with his Chinese counterpart. The call lasted about 90 minutes and the conversation with Xi Jinping was “almost entirely focused on trade,” Trump had said.

In a major breakthrough, China on Friday confirmed that it has reached a trade deal with the US. China’s Ministry of Commerce confirmed the trade framework details at a press briefing in Beijing.

The statement comes hours after US President Donald Trump and Commerce Secretary Howard Lutnick said that an agreement between the two economies is imminent.

“China will review and approve export applications for controlled items in line with laws and regulations, while the US side will correspondingly lift a series of restrictive measures against China,” China's commerce ministry said in a statement.

Beijing and Washington have been in close communication since a two-day round of trade talks in London earlier this month, with both sides further confirming details of the framework, China’s Ministry of Commerce said on Friday afternoon.

According to a report by the South China Morning Post, officials from both countries held intense discussions for two days in London earlier this month.

“We hope that the US side will work constructively with China, in line with the important consensus and requirements put forward during the June 5 talk between the two presidents,” the Chinese Ministry of Commerce added in the statement.

According to a Bloomberg report, Lutnick had said that the new US-China trade pact was signed earlier this week. As per the deal, both nations have aggreged to 'codify' terms of bilateral trade. Most importantly, the trade deal includes Beijing's commitment of supplying rare earths to Washington.

Apart from China, India may also feature in Lutnick's list of key trade pacts that are set to be announced soon.