After two days of intense trade negotiations in London, Chinese officials and members of the U.S. Trump administration have agreed on a trade framework that they will now take back to their respective leaders for approval. After the talks, U.S. Commerce Secretary Howard Lutnick expects a resolution on rare earth minerals to be reached.
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00:00Chinese and U.S. officials say they have agreed on a trade framework following talks in London.
00:06U.S. Commerce Secretary Howard Lutnick says the deal would include a resolution on rare earth minerals.
00:13We do absolutely expect that the topic of rare earth minerals and magnets with respect to the United States of America
00:21will be resolved in this framework implementation. That is a fundamental part of that.
00:29China currently dominates the global market for those minerals, which are used in everything from consumer tech products to advanced weapons.
00:37Talks between the two countries stalled last month in Geneva over disagreements about rare earths and U.S. chip export controls.
00:45Both sides say they will now take the draft deal back to their leaders.