China, US finalize trade deal details

China confirmed Friday that it has finalized the terms of a trade agreement with the United States.

According to a statement from China’s Ministry of Commerce, Washington has agreed to lift a number of “restrictive measures” targeting Chinese goods, while Beijing has committed to “review and approve” certain exports currently under strict controls.

“It is hoped that the United States and China will meet each other halfway,” a ministry spokesperson said, expressing optimism for a more stable economic relationship.

The announcement follows several rounds of talks, including a pivotal meeting in Geneva in May where both sides agreed to reduce tariffs that had been imposed in a tit-for-tat trade war. China also pledged to ease non-tariff countermeasures, though US officials later accused Beijing of dragging its feet in approving export licenses, particularly for rare earth materials crucial to tech and defense industries.

Despite the setback, negotiators regrouped in London this month and reached a framework to implement the Geneva agreement. A White House official told Agence France-Presse (AFP) on Thursday that both sides had arrived at a “mutual understanding” to move forward, aligning with remarks made earlier by President Donald Trump, who mentioned a new trade deal with China without offering specifics.

China’s commerce ministry confirmed that communication between the two sides has continued since the London discussions, leading to the formal confirmation of the deal’s terms.

“Recently, with approval, both sides further confirmed the details of the framework,” the ministry spokesperson said. “China will review and approve applications for the export control items that meet the requirements in accordance with the law,” they added, noting that the US will in turn “cancel a series of restrictive measures against China.”