Link Securities | The financial news website CNBC reported that the United States and China confirmed on Friday the details of the trade agreement reached by both parties earlier this month in London, which will implement the Geneva consensus, according to a statement issued by the Chinese Ministry of Commerce.
China will review and approve export applications for products subject to export control regulations, while the United States will cancel a series of existing restrictive measures imposed against China, a ministry spokesperson said in the statement.
This statement came after US President Donald Trump announced on Thursday at an event at the White House that both sides had signed a trade agreement, without providing further details.
Also on Thursday, US Secretary of Commerce Howard Lutnick said that China would hand over ‘rare earths’ and that once they did so, the United States would remove its countermeasures.
