China and US confirm agreement on trade framework

China's Commerce Ministry on Friday announced that Beijing and Washington had confirmed the details of a trade deal framework that the two countries had agreed upon earlier this month following talks in London.

According to the statement from the ministry, Washington will lift "restrictive measures against China," and Beijing will "review and approve applications for the export control items."

Late Thursday, US President Donald Trump announced that the United States and China had signed a trade agreement and that he expects to soon reach a deal with India. "We just signed with China the other day," Trump said.

Meanwhile, Commerce Secretary Howard Lutnick told Bloomberg TV that the deal was "signed and sealed" two days earlier. No details about the agreement were provided by either Lutnick or Trump.

"The president likes to close these deals himself," Lutnick said. Also on Thursday, a White House official announced that the United States had reached an agreement with China on how to expedite shipments of rare earth materials to the US.

What do we know about US-China trade talks?

The announcement by the US and China follows initial talks in Geneva in early May, which led both sides to postpone massive tariff hikes that threatened to halt much of the trade between the two countries.

Later talks in London set a framework for negotiations, and the deal Trump and Chinese Commerce Ministry mentioned appeared to formalize that agreement.

Ensuring the supply of rare earth elements— essential for products including electric vehicles, hard drives, and national defense equipment — has been a top priority for Washington in talks with Beijing.

In early April, China — which dominates global production of these elements — began requiring export licenses, a move widely viewed as a response to Trump's tariffs.

Shares in Europe and Asia rose as investors assessed signs of easing trade tensions between the United States and China.

Chinese foreign minister to visit EU, Germany, France next week

On Friday, Beijing also announced that Chinese Foreign Minister Wang Yi will travel to Europe next week to meet with his counterparts from the European Union, Germany, and France.

China's top diplomat will meet with his EU counterpart, Kaja Kallas, at the bloc's headquarters in Brussels for a "China-EU high-level strategic dialogue," said Foreign Ministry spokesman Guo Jiakun.

In Germany, Wang will discuss diplomacy and security with Foreign Minister Johann Wadephul, and in France, he will meet with Minister for Europe and Foreign Affairs Jean-Noel Barrot.

While in Brussels, Wang will also meet with Belgian Prime Minister Bart De Wever and Deputy Prime Minister and Foreign Minister Maxime Prevot.

Edited by: Kieran Burke