US-China Deal Signed to Ease Respective Export Controls, Lutnick Says
U.S. and Chinese officials said the two countries are still on pace for Beijing to ease its restrictions over rare earths and for Washington to lift its countermeasures, including export controls.
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Commerce Secretary Howard Lutnick said the two sides have signed a trade framework that will see both nations lift their restrictions. “They’re going to deliver rare earths to us,” Lutnick told Bloomberg June 26. Once that is done, “we’ll take down our countermeasures.”
A Chinese Ministry of Commerce spokesperson appeared to make similar comments June 27, saying the two sides recently “further confirmed the details of the framework.” Beijing will “review and approve the export applications of controlled items that meet the conditions in accordance with the law,” the spokesperson said, according to an unofficial translation of an excerpt from a regular press conference. “The United States will cancel a series of restrictive measures taken against China accordingly.”
The ministry added that it hopes the U.S. and China “will meet each other halfway, follow the important consensus and requirements reached by” presidents Donald Trump and Xi Jinping earlier this month, “reduce misunderstandings, strengthen cooperation, and jointly promote the healthy, stable and sustainable development of China-US economic and trade relations.”
The comments came about two weeks after the countries announced the deal after a meeting in London (see 2506110044).
The Trump administration hasn’t provided specific details about the kinds of countermeasures it will lift, but the Bureau of Industry and Security recently restricted shipments of semiconductors, chip-related technology, aviation equipment and other items destined for China (see 2505290038, 2505300006 and 2506060002).