The new round of negotiations followed a phone call between President Donald Trump and China's leader Xi Jinping.
Beijing: Top US and Chinese officials announced this week that they have agreed to a framework for getting the trade truce between the two countries back on track after two days of intense negotiations. Officials from the two countries said the framework would restore an earlier agreement reached in Switzerland last month to lower tariffs and Beijing resuming exports of critical minerals.
The plan will now be placed before US President Donald Trump and Chinese President Xi Jinping for final approval. US Commerce Secretary Howard Lutnick said the deal should result in restrictions on rare earth minerals and magnets, imposed by China, being removed.
China has a near-monopoly on exports of rare earth minerals, which are crucial for producing smartphones, electronic goods and electric vehicles. Beijing has been using its dominance as a bargaining chip in the trade war by cutting off supplies to the world market.
The US, on its part, has restricted China's access to US goods such as semiconductors and other related technologies linked to Artificial Intelligence (AI). "We have reached a framework to implement the Geneva consensus," Lutnick told reporters.
