China announced on Friday that it has finalized the details of a trade agreement with the United States, marking a significant step toward easing economic tensions between the two nations. Under the deal, Washington will lift certain trade restrictions on China, while Beijing has pledged to review export controls on key goods, including rare earth minerals.

A spokesperson for China’s Ministry of Commerce stated that both sides have "confirmed the framework" following recent negotiations. According to the agreement:

The U.S. will remove a series of trade restrictions targeting Chinese exports.
China will assess and approve export applications for controlled goods, including rare earth minerals, provided they comply with regulations.
"We hope the U.S. and China can meet each other halfway," the spokesperson said, emphasizing the importance of "stable and sustainable economic and trade relations."

The deal builds on discussions held in Geneva in May, where both nations agreed to reduce mutual tariffs. However, tensions resurfaced when U.S. officials accused China of delaying approvals for rare earth exports—a critical component in electronics and defense technologies.

In early June, negotiators met in London and established a "general framework" to resolve outstanding disputes. On Thursday, U.S. President Donald Trump announced that the two sides had "just signed" a trade agreement but did not disclose specifics. A White House official later confirmed to AFP that the deal had been ratified.

While the agreement signals progress, analysts caution that implementation will be key. China has committed to a more transparent export review process, while the U.S. is expected to gradually roll back trade barriers.