A: Hey, got any news?

B: Not really, what's up?

A: So, did you hear about the trade thing between the US and China? They signed an agreement!

B: No way, tell me more!

A: Well, the US Commerce Secretary said they signed it after talks in London. Senior officials from both countries agreed on a plan to ease trade tensions.

B: That's cool, but what were they fighting about exactly?

A: Oh, it was mostly about exporting some special materials like rare earth metals and semiconductor stuff. Those were the main points of negotiation.

B: I see. So, what happens now?

A: Well, China will review applications for rare earth exports based on their laws, and in return, the US is lifting some restrictions they had against Beijing. Sounds like a deal to me!
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US Commerce Secretary Howard Lutnick says the United States and China have signed a trade agreement after talks in London earlier this month.



Lutnick was speaking in an interview with Bloomberg TV.



Senior officials from Washington and Beijing met this month and agreed on a framework for easing trade tensions.



Export restrictions on rare earth metals by Beijing and on semiconductor-related items by Washington have been focal points of the negotiations.



A Chinese Commerce Ministry spokesperson said on Friday that the countries maintained close communication after the talks, and further confirmed the details of the framework.



Regarding exports of rare earths, the spokesperson said China will review and approve eligible applications in accordance with the law, while the US will lift a series of restrictive measures imposed against Beijing in response.