By Jennifer A Dlouhy, Kailey Leinz, and Joe Mathieu
The US and China finalized a trade understanding reached last month in Geneva, US Commerce Secretary Howard Lutnick said, adding that the White House has imminent plans to reach agreements with a set of 10 major trading partners.
The China deal, which Lutnick said had been signed two days ago, codifies the terms laid out in trade talks between Beijing and Washington, including a commitment from China to deliver rare earths used in everything from wind turbines to jet planes.
“They’re going to deliver rare earths to us” and once they do that, “we’ll take down our countermeasures,” Lutnick told Bloomberg News in an interview.
A White House official said the US and China agreed to the terms to implement the Geneva accord. A spokesman for the Chinese Embassy in Washington declined to comment, while China’s Foreign Ministry in Beijing didn’t immediately respond to a request for comment on Friday.
The offshore yuan was little changed on the news and China’s equity futures were yet to open. Futures on the S&P 500 Index were steady.
The China agreement sets out the terms laid out in trade talks between Beijing and Washington this year — a milestone after both sides have accused each other of violating the terms of previous handshake accords. Yet it still hinges on future actions by both nations, including China’s export of rare earth materials.
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