Investing.com -- The United States and China have finalized a trade understanding that was initially reached in Geneva last month, according to U.S. Commerce Secretary Howard Lutnick.
In an interview with Bloomberg Television on Thursday, Lutnick stated that "that deal was signed and sealed two days ago," though he did not provide specific details about the contents of the agreement.
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View Offer Powered by Money.com - Yahoo may earn commission from the links above.President Donald Trump also mentioned the agreement during a White House event on Thursday, saying "we just signed with China yesterday," without elaborating further on what the signing entailed.
Lutnick also reiterated that the U.S. is close to finalizing a trade deal with India.
The trade understanding will include provisions for China to supply rare earth materials to the United States, while the U.S. will lift restrictions on ethane exports to China.
Trump initially announced the deal on June 11th, posting on Truth Social, "Our deal with China is done, subject to final approval with President Xi and me. Full magnets, and any necessary rare earths, will be supplied, up front, by China. Likewise, we will provide to China what was agreed to... We are getting a total of 55% tariffs, China is getting 10%," the President said.
The finalization of this trade agreement comes as both nations continue to navigate their complex economic relationship, which has fluctuated amid a shifting trade landscape.
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