une 27, 2025 — Beijing/Washington: China confirmed Friday that it has reached a framework agreement with the United States to ease ongoing trade tensions, offering a potential breakthrough in a dispute that has roiled global markets and supply chains, reported by Daily Hurriyet News.
The deal—built on the Geneva consensus formed in May and finalized during recent talks in London—calls for mutual concessions. Washington has agreed to lift a series of restrictive trade measures, while Beijing will begin reviewing and approving export license applications for rare earth elements, key to the manufacture of electric vehicles, advanced electronics, and defense technologies.
Rare earths have remained a central flashpoint in the conflict. In April, China imposed tighter controls by requiring export licenses, widely interpreted as retaliation against sweeping tariffs levied by former President Donald Trump earlier this year. The U.S. had accused China of dragging its feet on approvals even after the Geneva agreement.
A Chinese commerce ministry spokesperson said both sides have now “confirmed the details of the framework” and urged Washington to “meet China halfway.” Under the new terms, export requests meeting legal requirements will be processed, and the U.S. will in turn withdraw a series of trade barriers.
Meanwhile, the White House signaled flexibility on an impending July 9 deadline that could see higher tariffs snap back into effect for dozens of U.S. trading partners. Press Secretary Karoline Leavitt said the president “may extend” the pause, adding that “the deadline is not critical” and that Trump “can simply provide these countries with a deal.”
Global markets responded positively Friday, with stock indices in Asia and Europe posting gains on optimism that tensions may be easing—at least for now.
