China announces Washington easing some export restrictions under London agreement
China announced on Friday that the United States has eased some export restrictions, following an agreement reached last month in London aimed at resolving trade disputes between the two sides.
The Chinese Ministry of Commerce stated in a statement that Chinese authorities are reviewing and approving export licenses for restricted items, noting that the United States has informed it of the cancellation of "measures that imposed restrictions" on its exports.
The ministry stated that both sides are working to implement the goals set out in the general framework agreed upon in London, stressing that the agreement was reached "with difficulty," while warning against "blackmail and coercion," as the statement put it.
The Chinese Ministry of Commerce expressed its hope that the United States would "correct erroneous practices" and promote long-term, stable bilateral economic and trade relations.
During talks held in Geneva last May, Washington and Beijing reached a temporary trade truce that included mutual tariff reductions, and China pledged to ease some non-tariff countermeasures.
While Washington later accused Beijing of delaying the issuance of export licenses for some rare earths, subsequent talks held in mid-June in the British capital agreed on a framework for implementing the Geneva agreement.
The United States recently eased some restrictions on the export of certain materials to China, including the removal of licensing requirements for ethane exports, according to a report published by Bloomberg this week.
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