Latest news with #exportControls
ABC News
18 hours ago
- Business
- ABC News
US and China confirm trade deal framework after months-long trade war
China has confirmed 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 the 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 US President Donald 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 told AFP on Thursday that the Trump 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. US Treasury Secretary Scott Bessent said Friday that Washington could wrap up its agenda for trade deals by early September, indicating more agreements could be concluded although likely extending past an upcoming deadline. Speaking to Fox Business ahead of a July 9 deadline for steeper US duties to kick in on dozens of economies, Mr Bessent reiterated that there are 18 key partners Washington is focused on pacts with. "If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day," Mr Bessent said. That holiday falls on September 1. About the July date, US Commerce Secretary Howard Lutnick told Bloomberg Television on Thursday that "we're going to do top 10 deals, put them in the right category, and then these other countries will fit behind". Countries have been moving to negotiate and reach trade pacts with Washington to avoid further tariff hikes following a 10 per cent levy Mr Trump imposed on most trading partners in April. Wall Street's major indexes bounced on hopes for deals with China and others. The broad-based S&P 500 hit a new record in a stunning comeback from lows in April, while most stock markets rose in Europe and Asia indexes were mixed. The White House suggested Thursday that the Trump administration could extend the July deadline. Press secretary Karoline Leavitt told reporters on Thursday, local time: "Perhaps it could be extended, but that's a decision for the president to make." She added: "The deadline is not critical." This means Mr Trump can "pick a reciprocal tariff rate that he believes is advantageous for the United States", she added. AFP/ABC
CNA
19 hours ago
- Business
- CNA
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.
Malay Mail
a day ago
- Business
- Malay Mail
Beijing, Washington seal framework deal to defuse trade standoff
BEIJING, June 27 — China confirmed on Friday 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 July 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. — AFP
LBCI
a day ago
- Business
- LBCI
China says 'confirmed details' of trade deal with United States
China announced on Friday that it had confirmed details of a trade deal with the United States, stating that Washington would lift "restrictive measures" while Beijing would "review and approve" items under export controls. "It is hoped that the United States and China will meet each other halfway," a spokesperson for Beijing's commerce ministry said in a statement, calling for "the healthy, stable and sustainable development of China-U.S. economic and trade relations." AFP
Argaam
a day ago
- Business
- Argaam
China confirms trade deal with US
China confirmed today, June 27, details of a trade deal with the US, after reaching the London framework earlier this month, the Chinese Ministry of Foreign Affairs said in a statement. Washington would lift "restrictive measures" while Beijing will "review and approve" items under export controls, AFP reported, citing the statement. "It is hoped that the United States and China will meet each other halfway," a spokesperson for the commerce ministry said in a statement.
