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 U.S. and China Move Toward Trade Deal


U.S. and Chinese negotiators have agreed on a trade framework, though few details have been provided yet (The Wall Street Journal, subscription).

  • The NAM will provide more coverage and analysis on the deal in the days ahead.

What happened: After two days of talks in London, U.S. officials returned home to discuss the agreement with President Trump, while Chinese officials do the same with Chinese leader Xi Jinping.

  • Negotiators said the framework would resemble the agreement made in Switzerland last month, which included lower tariffs from both countries and a promise by China to ease the process for obtaining critical minerals export licenses.
  • This morning, President Trump posted on his social media network, Truth Social, that the deal with China was “done” and that China would supply rare earths to the U.S. (CNBC).

What they’re saying: “The two largest economies in the world have reached a handshake for a framework,” Commerce Secretary Howard Lutnick said. “We’re going to start to implement that framework upon the approval of President Trump, and the Chinese will get their President Xi’s approval, and that’s the process.”

  • “A senior Chinese negotiator, Li Chenggang, nodded to Lutnick’s remarks, saying the two sides ‘agreed in principle.’”

In related news . . .  A federal appeals court in Washington, D.C., ruled that President Trump’s fentanyl tariffs and “reciprocal” tariffs imposed under the International Emergency Economic Powers Act could remain in place while the court considers the merits of the legal challenge (CNN). The court also put the case on a “fast track” to a decision this summer.

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