China, US Confirm Framework for Trade Deal

TEMPO.CO, Jakarta - China confirmed on Friday the details of the trade deal framework with the United States. Beijing stated that Washington would withdraw "restrictive measures," while Beijing would "review and approve" the goods under export control.

As reported by Channel NewsAsia, Washington's top priority in the talks with Beijing is to ensure the supply of rare earth metals crucial for products including electric vehicles, hard drives, and national defense equipment.

China, which dominates the global production of these elements, began to require export licenses in early April. This move is widely regarded as a response to Trump's high tariffs.

After negotiations in Geneva in May, both parties agreed to temporarily reduce high tariffs on their respective products.

China also committed to loosening some non-tariff retaliatory measures. However, U.S. officials later accused Beijing of violating the agreement and slowing down approval for rare earth metals export licenses.

After talks in London this month, they finally agreed on the framework to continue the Geneva Consensus.

A White House official also said on Thursday that the Donald Trump administration and China had "agreed to an additional understanding for a framework to implement the Geneva agreement."

The clarification came after the U.S. president said at an event that Washington had "just signed" a trade-related deal with China, without providing further details.

Beijing confirmed on Friday that an agreement had been reached.

"It is hoped that the United States and China will meet each other halfway," said a spokesman for the Ministry of Commerce in a statement.

It is said that both parties have "further confirmed the details of the framework."

Under the agreement, China "will review and approve applications for the export control items that meet the requirements in accordance with the law."

"The U.S. side will correspondingly cancel a series of restrictive measures against China," the Ministry of Commerce said.

Separately on Thursday, the White House also indicated that Washington might extend the July deadline for implementing higher tariffs that would affect dozens of economies.

Trump imposed massive 10 percent tariffs on most trading partners this year, but also announced, then halted, higher tariffs on dozens of economies while negotiations were ongoing.

The hiatus will end on July 9.

When asked if there would be another delay, White House press secretary Karoline Leavitt told reporters, "Perhaps it could be extended, but that's a decision for the president to make."

"The deadline is not critical. The president can simply provide these countries with a deal if they refuse to make us one by the deadline."

This means Trump can "pick a reciprocal tariff rate that he believes is advantageous for the United States," she added.

Most stock markets in Asia and Europe rose on Friday amid expectations of a delay.

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