China confirms trade deal framework reached with United States
BEIJING: China confirmed on Friday (Jun 27) details on the framework of a trade deal with the United States, saying Washington would lift "restrictive measures" while Beijing would "review and approve" items under export controls.
A top priority for Washington in talks with Beijing had been ensuring the supply of the rare earths essential for products including electric vehicles, hard drives and national defence equipment.
China, which dominates global production of the elements, began requiring export licences in early April, a move widely viewed as a response to blistering tariffs imposed by Trump.
The two sides agreed after talks in Geneva in May to temporarily lower steep tit-for-tat tariffs on each other's products.
China also committed to easing some non-tariff countermeasures, but US officials later accused Beijing of violating the pact and slow-walking export licence approvals for rare earths.
They eventually agreed on a framework to move forward with their Geneva consensus following talks in London this month.
A White House official also told AFP on Thursday that Donald Trump's administration and China had "agreed to an additional understanding for a framework to implement the Geneva agreement".
That clarification came after the US president told an event that Washington had "just signed" a deal relating to trade 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," a spokesperson for the commerce ministry said in a statement.
It said both sides had "further confirmed the details of the framework".
Under the deal, China "will review and approve applications for the export control items that meet the requirements in accordance with the law".
"The US side will correspondingly cancel a series of restrictive measures against China," the commerce ministry said.
Separately on Thursday, the White House also indicated that Washington could extend a July deadline when steeper tariffs affecting dozens of economies are due to kick in.
Trump imposed a sweeping 10 per cent levy on most trading partners this year but also unveiled - then halted - higher rates on dozens of economies while negotiations took place.
That pause is set to expire on Jul 9.
When asked if there would be another delay, 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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
an hour ago
- CNA
Money Mind 2025/2026 - Still Rock Solid?
23:00 Min With prices of diamonds falling, is now a good time to buy one as an investment? Multiplying your business from one to seven shops, all by the age of 30. Plus, how to fangirl on a budget. Money Mind 2025/2026 About the show: Money Mind tells you how to make the most of your money with tips for investors, business ideas for businessmen and analysis of the economy, companies, markets, financial products and trends.
CNA
2 hours ago
- CNA
Japan Hour - Gaia Series 93: Big Motor's struggle to rebuild
Once Japan's largest used car dealer, Big Motor confronts its tainted past as it rebrands under new ownership. But not everyone is convinced it has truly changed.
CNA
2 hours ago
- CNA
Gaia Series 92: Challenge with the power of rice!
A journey from fermentation to innovation, Japan's culinary ingenuity shines across continents. In a small Tokyo neighbourhood known for its charm and food culture, a bustling eatery in Jiyuugaoka serves a simple yet popular lunch: grilled chicken thigh with rice, miso soup, salad and sides. But the secret to this dish's widespread appeal is not the chicken itself. It is the seasoning shio-koji, a centuries-old fermented ingredient that is now aiming to make its mark on the global culinary stage. This week's episode explores how this traditional Japanese seasoning, made from just rice malt, salt and water, is being introduced to international markets, while also following a parallel effort to reimagine Japanese rice snacks for the Indian palate. The episode begins with a showcase of shio-koji's power through a beloved local dish. One diner, savouring the grilled chicken thigh, puts it plainly: 'It's delicious. The meat is tender. It's mild, with a lovely flavour.' All of this is credited to the special marinade. Shio-koji is valued for its ability to enhance umami and soften textures, qualities that have earned it a reputation as an 'ultimate all-purpose seasoning'. In response to declining domestic consumption of miso, Hanamaruki, a century-old miso maker headquartered in Ina City, Nagano Prefecture, has turned its attention to shio-koji. Eight years ago, it patented a liquid version of the seasoning, aiming to make it easier to use and market abroad. 'We make full use of koji's properties to set ourselves apart from other shops,' one representative explains, underscoring Hanamaruki's strategic pivot. Marketing director Nobuyuki Hirata is confident about the potential: 'I believe our shio-koji sales could surpass our miso sales someday. That's a very real possibility, in my opinion.' At the heart of this international expansion is its 46-year-old chef Ryusaku Akiyama, who once trained in a French restaurant but left the industry after feeling overwhelmed. 'They had high hopes for me and gave me lots of responsibilities, but I felt my skills just couldn't keep up.' Since joining Hanamaruki in 2015, he has blended culinary expertise with product advocacy, becoming the seasoning's unofficial ambassador. His assignment takes him to Milan, a global capital of cuisine. There, at the Michelin-starred Restaurant LoRo, Chef Pierantonio Rocchetti uses shio-koji in experimental dishes. He prepares raw beef topped with oyster and vegetable sauce, caviar and a broth of shio-koji and beef stock. Akiyama's verdict is immediate: 'Delicious! The shio-koji enhances the meat's flavour and makes it mellow.' Another dish, raw prawns marinated overnight in shio-koji and served atop cheese risotto, further illustrates the seasoning's effects. 'The prawn's aroma and texture have increased,' Rocchetti observes. 'There is no seasoning like this in Italy. I definitely want to use it.' Despite these endorsements, shio-koji remains unfamiliar to many outside Japan. Kohei Fujiwara, from the overseas sales division and based in Italy for the past year, notes the challenge: 'Because it's a new seasoning, we got the sense that people were hesitant to try it.' To combat this, Akiyama and Fujiwara demonstrate its versatility directly. At a business presentation, Akiyama grills supermarket cod marinated in liquid shio-koji to neutralise its strong smell. 'Liquid shio-koji should do a good job of suppressing the smell,' he says. The result impresses potential buyers: 'The smell was surprisingly completely gone. Only the umami remained in this delicious acqua pazza.' Sales manager Enrico Les adds, 'This can be a good friend for Italian cuisine. It can help Italian cooks, Italian chefs to improve their meals and plates.' While shio-koji aims to redefine seasoning in European kitchens, another story unfolds in India, where 29-year-old Kenta Nakatsuka of Kameda Seika is developing a new rice snack for local consumers. The company's signature product, Kaki no Tane, sold as Kari Kari in India, has failed to gain traction. 'Just because it sells well in Japan doesn't mean it'll succeed in India,' says Nakatsuka. The Indian market, dominated by namkeen, a savoury snack sold at half the price of Kari Kari, presents a formidable challenge. 'Unless we get our products onto kirana (small convenience stores) shelves like these, I don't think they'll ever reach a wide audience,' he says. Chairman and CEO Lekh Raj Juneja, originally from India and now a Japanese citizen, sees localisation as essential. 'We want to deliver it to all 1.4 billion people,' he declares. Nakatsuka sets out to develop an India-specific version of Salad Hope, a rice snack previously available only in Niigata Prefecture. Drawing inspiration from the wildly popular street snack pani puri, he begins experimenting with seasoning. 'It's a really complex flavour,' he says. He mixes cumin, coriander and mango powder in the factory's development room to replicate the familiar tang of pani puri. 'When in Rome, do as the Romans do,' he notes. It is not only the flavour he needs to perfect, but also the production process. Defect rates were initially too high, with crackers 'over puffing' due to inconsistent drying. After revising the drying method, the product finally achieves the required quality standard. Reflecting on the challenge, Nakatsuka, who once struggled with poor health and self-discipline, sees his transformation as more than professional. 'I saw a lot of people living on the streets. But none of them seemed to have given up on tomorrow. That kind of energy really inspired me.' CEO Juneja visits the factory for a final tasting. The result is a success. 'It has a very distinct Indian flavour... really tasty. I love it. I used to get scolded by my mum for eating too much pani puri. To capture that same flavour is quite an achievement.' As Nakatsuka continues researching India's food scene for new ideas, he is more determined than ever. 'I want to create a hit rice snack that anyone can enjoy casually. So I'll keep working hard to make it happen.' This episode of Japan Hour presents two parallel journeys powered by rice. One exploring how a fermented seasoning can transform global cuisine, the other seeking to adapt a Japanese snack for one of the world's most dynamic markets. In both stories, innovation and persistence guide the way forward.
