BEIJING: The Chinese and US economic and trade teams have recently further confirmed the details on the framework for implementing the Geneva trade talks consensus. China will review and approve compliant export applications for controlled items in accordance with the law and regulations. The US will correspondingly remove a series of restrictive measures taken against China, China’s Ministry of Commerce (MOFCOM) said in a statement on Friday.
MOFCOM’s statement came in response to an inquiry about claims by some US officials and media reports that China and the US have reached a supplementary understanding on the framework for implementing the Geneva trade talks consensus and that China will accelerate its rare-earth exports approval process regarding shipments to the US, while the US will cancel relevant restrictive measures against China accordingly.
After trade talks in London from June 9 to 10, the Chinese and US teams maintained close communication, MOFCOM added.
It is hoped that the US will meet China halfway, and further leverage the role of the China-US economic and trade consultation mechanism in accordance with the important consensus and requirements reached by the two heads of state in their phone talks on June 5, continuously enhance consensus, reduce misunderstandings, strengthen cooperation, and jointly promote the healthy, stable and sustainable development of China-US economic and trade relations, MOFCOM said.
The current progress between China and the US reflects efforts to turn consensus into concrete actions, and such practical measures provide important support for all parties, including US businesses, by helping to stabilize supply chains and strengthen development resilience, a Chinese expert said.
However, concrete actions and sincerity are needed from the US in order to implement the consensus and deliver results, the expert said, urging the US to meet China halfway. News of the latest progress in China-US trade issues has drawn widespread attention in recent days, following early reports from certain Western media outlets. The US and China finalized a trade understanding reached last month in Geneva, US Commerce Secretary Howard Lutnick claimed, Bloomberg reported on Thursday.
The China deal, which Lutnick claimed had been signed two days ago, codifies the terms laid out in trade talks between Beijing and Washington, including a commitment from China to deliver rare earths, according to the report.
Earlier on Thursday, US President Donald Trump said the US had signed a deal with China on Wednesday, without providing additional details, Reuters reported.
Global markets responded immediately on Friday afternoon after MOFCOM revealed further details on China-US trade progress, as the world closely watches how the trade situation develops between the two largest economies.
The S&P 500 rose to a new record on Friday, the culmination of an improbable turnaround for US stocks this year as they overcame trade turmoil and geopolitics to reclaim the record set in February, the CNBC reported, noting that Friday’s gain was driven by hope that trade deals with China and other countries are coming soon. –The Daily Mail-Global Times news exchange item
