China Confirms Agreement Framework Reached in Principle with the U.S.

According to Phoenix TV, China’s Vice Minister of Commerce and International Trade Negotiator, Li Chenggang, stated on June 10 local time that following two days of negotiations, the Chinese and U.S. teams have reached a framework agreement in principle. Both sides will report the details of the discussions to their respective national leaders upon returning home.

On June 11, U.S. Secretary of Commerce Howard Lutnick noted that the outcomes of the U.S.-China economic and trade talks in London integrated both the Geneva Consensus and the results of the June 5 phone conversation between the two heads of state. A framework for implementing the Geneva Consensus has been reached, which will proceed pending approval from U.S. President Trump. Lutnick emphasized that reaching this framework is only the initial step toward easing negative sentiment in bilateral economic and trade relations. He also indicated that issues related to rare earths and magnets are expected to be addressed under the agreement.

U.S. Trade Representative Greer remarked that the two countries remain in close contact, though no additional meetings are currently scheduled. The U.S. side will take action as soon as possible.