US, China reach tentative deal to ease trade tensions

US and China said that they have agreed in principle to a framework for de-escalating trade tensions between the world’s two biggest economies. US Commerce Secretary Howard Lutnick said the deal should result in restrictions on rare earth minerals and magnets being resolved. Both sides said they would now take the plan to their countries’ presidents – Donald Trump and Xi Jinping, for approval. 

The announcement came after two days of negotiations in London between top



officials from Beijing and Washington. Chinese exports of rare earth minerals, which are crucial for modern technology, were high on the agenda of the meetings. Last month, Washington and Beijing agreed to a temporary truce over trade tariffs, but each country has since accused the other of breaching the deal. The new round of negotiations followed a phone call between Donald Trump and Xi Jinping last week, which the US President described as a very good talk.