China reports that a preliminary trade agreement with the United States has been finalized. The precise details of those agreements have now been worked out, the Chinese Ministry of Commerce reported on Friday.
U.S. Secretary of Commerce Howard Lutnick also reported on Thursday that the deal was finalized and signed.
China pledges to resume supplying rare earth minerals, which are important for numerous technological applications in, for example, wind turbines and aircraft. The U.S. lifts certain export restrictions targeted at China.
China and the U.S. agreed in Geneva in May to temporarily reduce their mutual import duties on products significantly, after they had previously bombarded each other with increasingly higher tariffs.
Tensions then flared up again, causing both countries to return to the table. This ultimately led to an agreement.