China and U.S. Agree on Plan to Lift Some Exports Restrictions

Representatives of the United States and China during the talks in London agreed on a plan for the implementation of agreements on partial lifting of restrictions in bilateral trade and ensuring the supply of rare earth metals from China. TASS reports with reference to the U.S. Secretary of Commerce Howard Lutnick.

"We have reached a framework to implement the Geneva consensus," Lutnick noted. This refers to the agreements on partial reduction of mutual tariffs reached in Geneva on May 10-11.

According to Lutnick, the plan agreed upon by the parties will be submitted for approval to U.S. President Donald Trump and Chinese President Xi Jinping. The implementation of the framework agreements will start after approval by the presidents.

The U.S. delegation also included Treasury Secretary Scott Bessent and trade Representative Jamieson Greer. The Chinese side was represented by Vice Premier He Lifeng.

Kevin Hassett, head of the National Economic Council at the White House, said on June 8 that the U.S. intends to ask China for an increase in exports of rare earth metals. On June 5, the Chinese President and the U.S. President had a telephone conversation. They agreed to hold a new round of trade and economic talks as soon as possible.