Howard Lutnick speaks on the developing China trade deal
U.S. and China reach outlines for executing trade agreement, as per Lutnick's claims
Fox Business White House correspondent Edward Lawrence quizzes Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer about the China trade deal.
The U.S. and China have stepped forward with a "framework" to execute the trade deal that the two nations struck last month in Geneva, Commerce Secretary Howard Lutnick disclosed.
President Donald Trump then took to Truth Social on Wednesday, stating that "our deal with China is finalized, subject to ultimate approval from President Xi and me."
The latest developments follow two days of meetings between negotiators in London and a phone call last week between Trump and Chinese President Xi Jinping. The U.S. and China outlined a 90-day truce in May, which included reduced tariffs, but both sides had accused each other of violating the terms.
"We have agreed upon a framework to enact the Geneva consensus," Lutnick declared.
*CHINA ACCUSES US OF DERAILING TRADE AGREEMENT*
Treasury Secretary Scott Bessent and Chinese vice premier He Lifeng pose for a photograph with U.S. Trade Representative Jamieson Greer, Secretary of Commerce Howard Lutnick, Chinese Commerce Minister Wang Wentao, and China's International Trade Representative (US Treasury/Handout via Reuters / Reuters)
"Full-strength magnets, and any required rare earths, will be shipped immediately by China. Similarly, we will deliver on our promises to China, including Chinese students attending our universities (which has always been something I've taken a liking to!). We are receiving a total of 55% tariffs, while China is receiving 10%. Relationship is thriving!" Trump said on Wednesday.
"In addition to the China update, President XI and I will work closely together to open China to American trade. This would represent a considerable win for both countries!!!" he also stated.
Lutnick is said to anticipate Trump's approval of the agreement as early as Wednesday, mentioning, "I feel genuinely optimistic about where we've managed to get to."
The Chinese foreign ministry cited Chinese Vice Premier He Lifeng as saying, "Both sides should move towards each other, keeping our word and following through on our actions, demonstrating sincerity in honoring commitments, and making concerted efforts to execute consensus, jointly safeguarding the outcomes of our dialogue, continuing to communicate and consult, thereby promoting steady and sustained growth of China-U.S. economic and trade relations and injecting certainty and stability into the global economy."
The Wall Street Journal reported that a key goal for the American negotiators led by Lutnick and Treasury Secretary Scott Bessent was to persuade Beijing to step up the export of rare-earth minerals and magnets containing them.
In the meantime, China's negotiators urged the U.S. to ease restrictions on the sale of technology and other goods to China, the outlet added, citing sources familiar with the matter.
*GEN. KEANE WARNS CHINA IS CARRYING OUT 'ONE OF THE MOST COMPREHENSIVE PENETRATIONS' OF US SOCIETY IN OUR 250-YEAR HISTORY*
Howard Lutnick, U.S. commerce secretary, arrives for trade talks at Lancaster House in London on Tuesday. (Chris J. Ratcliffe/Bloomberg via Getty Images / Getty Images)
The Wall Street Journal also reported Wednesday that China is setting a six-month time limit on export licenses for American automakers and manufacturers, and in exchange, the U.S. is loosening restrictions on the sales of products such as jet engines to China.
Earlier this month, China accused the U.S. of hindering the trade agreement between the two nations.
According to a translation of the Chinese Ministry of Commerce's website, a ministry spokesperson said at the time that after the discussions in Geneva, the U.S. "has systematically implemented a series of discriminatory and restrictive measures against China, including issuing export control guidelines for AI chips, stopping the sale of chip design software (EDA) to China, and announcing the withdrawal of Chinese student visas."
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FOX Business' Alex Nitzberg contributed to this report.
- The developments in the China trade deal are significant for both the business and finance sectors, as they could potentially influence the economy of both countries and the general news.
- The China trade deal discussion also includes politics, with both the U.S. and Chinese representatives accentuating the need for fulfilling commitments and maintaining sincerity, which are crucial elements in international relations.
