US, China Reach New Trade Truce Framework

The United States and China have agreed on a framework to reinstate a trade truce following two days of negotiations in London, aiming to reduce tensions over tariffs and export controls. The framework implements consensus from earlier Geneva talks and focuses on resolving disputes over China's export restrictions on rare earth minerals and magnets, which are vital to US industries. US Commerce Secretary Howard Lutnick and Chinese Vice Commerce Minister Li Chenggang both stated the deal now awaits approval from Presidents Trump and Xi Jinping. The agreement will see both countries remove recent trade barriers, with the goal of expanding trade and addressing the US trade deficit with China. However, the full details of the framework have not been disclosed. Notably, a US federal appeals court has allowed Trump's tariffs to remain in effect while further legal review is pending.