China has confirmed details of its trade agreement with the United States, stating that Washington will lift “restrictive measures” and Beijing will “review and approve” exports of certain goods.

“We hope that the United States and China will meet in the middle,” a spokesperson for the Ministry of Commerce said.

The White House announced on June 26 that the two sides had reached an agreement on issues including speeding up deliveries of rare earth elements to the United States.

After negotiations in Geneva in May, Washington and Beijing agreed to temporarily reduce high tariffs on their products, AFP reported.

China also committed to easing some non-tariff countermeasures, but US officials later accused Beijing of violating the agreement and delaying the approval of export licenses for rare earth elements.

Ultimately, the two sides agreed on a framework for further action in line with the Geneva consensus following talks in London this month.

A White House representative said that the administration of President Donald Trump and China had “agreed on additional understandings for a framework to implement the Geneva agreement.”

This clarification came after Trump boasted at an event that Washington had “just signed” a trade agreement with China, without giving further details.

Beijing confirmed today that an agreement had been reached.

“Following the negotiations in London, teams from both sides have maintained close contact,” a spokesperson for the Ministry of Commerce said.

“Recently, after approval, the two sides confirmed the details of the framework,” they added, specifying that China “will review and approve export applications for goods that meet the requirements in accordance with the law.”

“The US side will lift a number of restrictive measures against China accordingly,” the spokesperson concluded. | BGNES