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U.S-China Trade Talks: Lutnick Focuses On Framework That Should Resolve Rare Earth Issue | N18G

On June 11, U.S. Commerce Secretary Howard Lutnick announced that the United States and China had agreed on a trade framework and implementation plan during talks in London. The agreement aims to address and potentially resolve restrictions on rare earths and magnets—critical materials for various technologies. Lutnick stated that the U.S. team would present the framework to President Donald Trump for approval, while China’s Vice Commerce Minister Li Chenggang confirmed that their side would also seek leadership approval. The framework is part of broader efforts by senior economic officials from both countries to ease escalating trade tensions and competing export controls. These restrictions had posed a threat to the stability of a Geneva accord that had successfully reduced tariffs from extremely high levels. The new agreement represents a step toward cooperation, aiming to stabilize trade relations and prevent further deterioration in economic ties between the world’s two largest economies.

first published: Jun 11, 2025 01:18 pm