A framework for reducing trade tensions between the two largest economies in the world has reportedly been agreed upon in principle by the US and China. According to US Commerce Secretary Howard Lutnick, the agreement should lead to the removal of limitations on rare earth materials and magnets. Both parties said that they will now forward the proposal for approval to their respective presidents, Xi Jinping and Donald Trump.
Following two days of meetings between top Washington and Beijing officials in London, the announcement was made. The sessions focused heavily on China’s exports of rare earth materials, which are essential to contemporary technology. Beijing and Washington reached a brief truce on trade tariffs last month, but both nations have since accused the other of breaking the agreement.
According to the US, China has been sluggish to export rare earth metals and magnets, which are necessary for the production of everything from electric cars to cellphones. In the meantime, Washington has limited China’s access to American products like semiconductors and other artificial intelligence (AI)-related technology.
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