China-US trade talks say they reached Geneva consensus "implementation framework"

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According to the latest news from Reuters and Bloomberg: Chinese Vice Minister of Commerce Li Chenggang told media on Tuesday that after two days of consultations, the US-China negotiation teams have reached a framework agreement on trade issues and will submit this framework to the leaders of both countries for review. Li Chenggang said: "Both sides have essentially reached an implementation framework for the consensus reached during the June 5th heads of state call and the consensus formed at the Geneva conference."

According to CNBC's report, Commerce Secretary Lutnick said:

1. They reached a framework to implement the Geneva Consensus. Once the heads of state approve, they will proceed with implementation.

2. Regarding rare earth and critical minerals issues, resolution is expected during the framework implementation process. The US measures during rare earth interruptions should be canceled in a "balanced" manner. Once China approves export licenses allowing its producers to resume critical mineral exports, the US could dial back on its tech export controls.

Greer said around midnight London time: No further meetings are scheduled with the Chinese side, but they will be in constant contact and can dialogue anytime if needed. He also added that in eight years of negotiations with China, export control issues were discussed in every meeting.

CNBC also reported: Chinese Vice Minister of CommerceLi Chenggangearlier stated that the negotiation process was "rational and frank", and the industry generally hopes this progress on rare earth issues willenhance mutual trust between both sides.

Treasury Secretary Besent left early because he has a House Budget Committee hearing tomorrow morning at 10 AM Eastern Time and must return. Before leaving, he said: "We have had 2 days of productive talks, ongoing", "Greer and Lutnick will be continuing with Chinese officials". Another related news is that US media reported he might replace Powell as the next Federal Reserve Chair, but the White House quickly denied this.

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