### Title: US and China Forge Preliminary Trade Framework Ahead of Presidential Approval

### Summary: Top officials from the US and China have successfully negotiated a preliminary agreement to address trade disputes, particularly concerning rare earth exports, pending endorsement from Presidents Trump and Xi.

In a significant development for global trade relations, senior officials from the United States and China have concluded two days of high-stakes negotiations in London, resulting in an agreement in principle aimed at de-escalating the ongoing trade tensions between the two superpowers. US Commerce Secretary Howard Lutnick announced that this proposed framework targets the resolution of restrictions affecting critical rare earth minerals and magnets essential for advanced technologies.

The culmination of these talks will see the proposed plan advanced to Presidents Donald Trump and Xi Jinping for their endorsement. The urgency of the discussions is underscored by previous claims from both nations of breaches in a temporary trading truce established last month. US officials have voiced concerns over China's delays in exporting critical materials, while Beijing has accused Washington of hindering access to vital technology such as semiconductors and artificial intelligence applications.

Lutnick expressed optimism about the new framework, emphasizing the goal of implementing the "Geneva consensus" reached in prior discussions between the two leaders. The recent negotiations were framed as an extension of a constructive phone call between Trump and Xi, which was described by Trump as “very good.”

Since the onset of tariffs that severely impacted trade — particularly on Chinese imports — both nations have imposed reciprocal restrictions, leading to increases in trade costs that peaked at 145%. However, a temporary ceasefire agreed upon in May had reduced the tariffs on Chinese goods to 30% from a previous high and lowered US tariffs on Chinese exports to 10%. Nevertheless, both sides have since claimed violations of their agreements.

In a statement from China, Vice Commerce Minister Li Chenggang stated that both nations have reached a framework reflecting the earlier consensus. The Chinese Ministry of Commerce further indicated that it has begun approving export licenses for rare earth materials, although specific details of these approvals remain undisclosed.

Tensions continue to exist as both sides navigate the complexities of trade relations. With Trump confirming Xi's agreement to resume trade in rare earth materials, eyes are now turned towards the upcoming approvals from both leaders, as the world watches closely for the implications on future trade partnerships.

This latest round of talks marks another critical moment in an evolving landscape of US-China relations amid ongoing economic uncertainties and the pressing need for cooperation in global trade.