Overview

• The preliminary agreement, reached after two days of London talks, builds on the Geneva framework and awaits final approval from President Trump and Xi Jinping.
• China has agreed to grant six-month export licenses for rare earth metals to US manufacturers to address critical supply shortages.
• The US will roll back select export controls on advanced technology and pause visa cancellations for Chinese students as part of the framework.
• Bilateral tariffs will remain at a reduced rate of 55% on Chinese goods, preventing a return to previous peaks above 100%.
• The deal offers markets temporary relief amid World Bank warnings of a global slowdown and heightens pressure on the EU to finalize its own trade accord before a July 9 deadline.