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yesterday

U.S. and China Seal Framework to Restore Geneva Trade Truce

It sets new rare earth export terms alongside fixed tariff rates pending presidential signoff.

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U.S. Treasury Secretary Scott Bessent and Chinese vice premier He Lifeng pose for a photo with U.S. Trade Representative Jamieson Greer, U.S. Secretary of Commerce Howard Lutnick, Chinese Commerce Minister Wang Wentao, and China's International Trade Representative and Vice Minister of Commerce Li Chenggang, in London, Britain June 9, 2025. United States Treasury/Handout via REUTERS
Chinese Vice Premier He Lifeng, also a member of the Political Bureau of the Communist Party of China Central Committee, shakes hands with U.S. Treasury Secretary Scott Bessent prior to the first meeting of the China-U.S. economic and trade consultation mechanism in London, Britain, June 9, 2025. The meeting opened here on Monday. He Lifeng attended the meeting with U.S. representatives. (Photo by Li Ying/Xinhua via Getty Images)
U.S. Secretary of Commerce Howard Lutnick answers questions from the media as he returns to Lancaster House, on the second day scheduled for trade talks between the U.S. and China, in London, Britain, June 10, 2025. REUTERS/Toby Melville

Overview

  • U.S. and Chinese negotiators concluded two days of talks in London to formalize the framework agreement following a recent presidential phone call.
  • The framework requires China to lift restrictions on rare earth mineral and magnet exports and supply shipments upfront to U.S. industries.
  • Under the deal, U.S. tariffs on Chinese goods will remain at a combined 55 percent while China maintains a 10 percent levy on American imports.
  • The agreement preserves existing visa arrangements that allow Chinese students to continue enrolling at U.S. colleges and universities.
  • Implementation hinges on formal approval from President Donald Trump and President Xi Jinping before the framework takes effect.