The U.S. finalized a trade agreement with China that codifies the terms from previous discussions regarding the export of rare earth materials. U.S. Commerce Secretary Howard Lutnick indicated that the deal was signed and would help in alleviating previous trade tensions by facilitating U.S. access to materials crucial for technology manufacturing. The U.S. aims to finalize additional trade agreements with other major partners in the near future. However, the success of this trade understanding relies heavily on actions taken by both countries moving forward.
"They're going to deliver rare earths to us" and once they do that, "we'll take down our countermeasures," Lutnick told Bloomberg News in an interview.
The China agreement sets out the terms laid out in trade talks between Beijing and Washington this year-a milestone after both sides have accused each other of violating the terms of previous handshake accords.
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