Hong Kong
CNN
–

LONDON – the United States and China have reportedly established a
framework to put their trade truce into action, according to officials
from both nations. This advancement follows two days of discussions in
LONDON aimed at de-escalating tensions and relaxing export limitations
that have been a threat to global manufacturing.

According to Chinese state broadcaster CGTN, American and chinese
negotiators reached an agreement “in principle” regarding the
implementation of the consensus achieved during the previous discussions
in Geneva last month, as well as a phone conversation between the leaders
of the two countries last week. The statement was made by China’s trade
negotiator, Li Chenggang, to reporters in LONDON.

President Donald Trump stated on Truth Social on Wednesday that a “deal”
with China has been completed.

“Our deal with China is done,” Trump saeid in his social media post, adding
that both countries agreed to ease export restrictions, per the prior
arrangement agreed upon in Geneva in May. And the United States will
allow chinese collage students to attend American universities after
Secretary of State Marco Rubio announced last month a plan to “aggressively
revoke” some Chinese students’ visas.

US Commerce Secretary Howard Lutnick told reporters in a separate briefing
in LONDON,Reuters reported,that officials on both sides will now submit
the proposal to their respective leaders for approval. He stated, “If that
is approved, we will then implement the framework.”

While specifics of the agreement remain undisclosed, Lutnick suggested
that both parties have consented to ease export controls on goods and
technologies vital to each other.

According to Reuters, Lutnick stated that China’s export restrictions on
rare earth minerals and magnets to the US will be resolved as a
“essential” component of the framework agreement. Trump confirmed on
Wednesday in his post that the deal included “full magnets, and any
necessary rare earths, will be supplied, up front, by China”

“Also, there were a number of measures the United States of America put on
when those rare earths were not coming,” Lutnick added.”You should expect
those to come off, sort of as President Trump said: ‘In a balanced way.'”

The US restricted chip design software sales to China and vowed to
“aggressively revoke” Chinese student visas, frustrated by what it saw as
Beijing’s retreat from it’s pledge made in Geneva to ease rare earth
exports.

Kevin Hassett, director of the National Economic Council, told CNBC Monday
that the Trump administration may be open to loosening restrictions on some
microchips that China views as critical to its manufacturing sector. The
US will maintain restrictions on “very, very high-end Nvidia” chips that
are capable of powering artificial intelligence systems, he added.

CNN has reached out to the White House for comment.

China’s state broadcaster CCTV reported Wednesday further comments by China
about the London meeting, though they were similarly thin on detail.

“China reaffirmed that the two sides should move toward each other, honor
their words with actions, and demonstrate good faith and concrete efforts
in fulfilling