US and China Reach Limited Trade Framework, Rare Earth Exports in Focus

The US and China have agreed to a limited trade framework, marking the first tangible progress since the collapse of last month''s Geneva talks. The deal eases some restrictions on China''s rare earth exports while rolling back select US export bans—though it fails to address the broader trade war that continues to weigh on both economies.

Negotiations concluded around midnight, with US Commerce Secretary Howard Lutnick describing the agreement as putting "meat on the bones" of previous discussions. The framework creates a pathway for balanced removal of export restrictions, particularly on China''s rare earth magnets and minerals, though reciprocal US concessions remain unspecified.

China''s Vice Commerce Minister Li Chenggang confirmed the "in principle" agreement, which now awaits review by both nations'' leaders. Notably absent is any written documentation—only mutual paperwork to be presented to Presidents TRUMP and Xi for final approval.