China confirms the details of the US trading transaction

The US and China have confirmed the details of the trading base that seeks to allow rare exports of land and mitigate technology restrictions, according to A The released statement China’s Ministry of Commerce on Friday afternoon.

China will consider and approve export applications for subjects subject to export control rules, while the United States will abolish a number of existing restrictive measures imposed against Beijing, the ministry’s press secretary said without specifying.

The statement comes after US President Donald Trump said on Thursday at the White House event that “we just signed with China yesterday.” Later, the White House official said that the administration and China agreed “an additional understanding of the basis for the implementation of the Geneva Agreement.”

Earlier this month, trading groups on both sides led by US Treasury Minister Scota Bales and Deputy Prime Minister of the Chinese Prime Minister He Lifeng reached an agreement on the implementation of Geneva consensus after two days of talks in London.

The London Agreement stabilized what has become a rich relationship, and Washington accused China for slow walking on rare land and in Beijing, criticizing US technology and recall students.

While China’s latest statement is “encouraging”, it is important to harden the expectation, said Alfred Mantafar-Hella, the senior adviser to China’s Center at the Analytical Center of the Conference, pointing to the lack of details on which the rare land will be relaxed except for magnets.

As both sides view rare land as “an important conversation in future negotiations”, the trade will probably remain limited, Mantafar-Hella added.

After the initial trading session in Geneva, Switzerland in mid -May, Washington and Beijing signed a preliminary agreement on the suspension of most tariffs on each other for 90 days and reject certain restrictive measures.