After a marathon negotiating session, the United States and China have reached a preliminary agreement on how to apply the agreement reached in Geneva last month, according to the negotiators of both parties in London. “We have reached a framework to apply the consensus of Geneva,” the United States Secretary of Commerce, Howard Lutnick, according to Bloomberg, told the press in London.
The two days has occurred after which both agreed to calm the growing tensions caused by American concern about the flow of critical minerals that their companies need.
The complete details of the agreement have not been announced immediately, but American negotiators have affirmed that “they hope without a doubt” that issues related to the shipments of rare earth minerals and magnets are resolved with the application of the framework.
Before the conversation of the two presidents, for which both superpowers negotiated a tariff truce in May, after the conversations held in Geneva (Switzerland) between representatives of both countries. Washington accused Beijing of having stopped the flow of rare earth and other mineral magnets, essential in the manufacture of numerous products, including cars.
The two parties undertake to yield. “We hope without a doubt that the issue of rare earth minerals and magnets in relation to the United States is resolved within the framework of the application of this agreement,” said Lutnick. “In addition, the United States adopted a series of measures when these rare earth did not arrive. You can expect them to retire, as President Trump said, in a balanced way. When the licenses approve, we can expect our implementation of exports to also be reduced,” he added.
In the Geneva statement there was no talk of critical minerals in particular, but China promised to take all the necessary administrative measures to suspend or eliminate non -tariff countermeasures adopted against the United States since April 2. Among them there were restrictions on the export of critical minerals and rare earths that have not retired in full. Since the United States was signed, it has hit China with new export restrictions on microprocessors and other technological products, which China complained. In addition, he has threatened with massive withdrawals of visa to Chinese students.
The United States and China delegations will now take the proposal to their respective leaders, according to the main Chinese commercial negotiator, Li Chenggang, after two days of conversations that lasted for almost 20 hours in a mansion of the Georgian era near Buckingham Palace, real residence. “Once the presidents approve it, we will proceed to its implementation,” Lutnick also explained.
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