China has officially confirmed the details of a recently reached trade agreement with the United States, signaling a positive step in easing tensions between the two economic giants. According to a spokesperson from China’s commerce ministry, Washington has agreed to lift a series of restrictive measures imposed on China. Meanwhile, Beijing committed to reviewing and approving export control items under Chinese law. This announcement follows talks held in London this month, which built on an earlier Geneva consensus aimed at reducing tariffs and trade barriers between the nations.

The agreement includes important provisions to accelerate the shipment of rare earth minerals, critical components for many high-tech industries, from China to the United States. This move comes after both sides agreed to temporarily ease steep retaliatory tariffs on each other’s products, a key point of contention during their ongoing trade disputes. Despite earlier accusations by US officials that China was delaying export license approvals and violating terms of the deal, recent discussions appear to have resolved some of these issues, leading to a clearer framework for cooperation moving forward.

A White House official confirmed the progress, stating that the Trump administration and China had finalized an additional understanding to implement the Geneva agreement framework effectively. The commerce ministry spokesperson highlighted ongoing close communication between the two teams, emphasizing mutual hopes that the US and China will “meet each other halfway.” The deal marks a crucial development in stabilizing the trade relationship, offering potential relief to businesses affected by tariffs and export restrictions on both sides.