China and the US have reached a basic agreement, meaning both sides agreed on how to move forward with trade discussions. This comes after a phone call between Trump and Xi on June 5, where they agreed to restart cooperation. A two-day meeting in London on June 9–10 helped shape this framework. They talked about rare minerals, technology exports, and trade rules. China will relax some export restrictions, and the US will ease certain tech-related controls like those on chips and aircraft engines. This is only the first step. The full and final deal needs to be completed by August 10, 2025 — otherwise, high tariffs may return.
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