Overview
- Delegates in London reached a basic framework after two days of talks aimed at solidifying the Geneva tariff pause and addressing export controls.
- China has pledged to lift restrictions on seven rare earth minerals and associated magnets vital to U.S. industries.
- New duties are set at 55% on Chinese imports into the U.S. and 10% on U.S. exports to China under the draft agreement.
- Formal implementation requires approval from President Donald Trump and President Xi Jinping before the framework can take effect.
- The deal builds on the 90-day, 115-percentage-point tariff reduction agreed in May and seeks to steady global supply chains and markets.