According to China’s Ministry of Commerce, Beijing will begin reviewing export applications for goods under export controls, while Washington has committed to lifting certain trade restrictions imposed on Chinese firms. No further details were released.

President Donald Trump had earlier said a deal was reached, which was later clarified by the White House as an “understanding” to move forward on the Geneva agreement’s implementation.

London Agreement Restores Trade Dialogue

The framework was concluded after two days of talks between U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng in London. This followed months of increasing tension, with each side accusing the other of violating the Geneva agreement reached in mid-May.

That deal included a 90-day suspension of most tariffs and plans to ease restrictions, but later stalled due to China’s delay in loosening rare earth export limits and new U.S. measures targeting technology transfers and Chinese student visas.