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The US and China say they have agreed in principle to a framework for de-escalating trade tensions between the world’s two biggest economies. US Commerce Secretary Howard Lutnick says the deal should result in restrictions on rare earth minerals and magnets being resolved. Both sides say they would now take the plan to their presidents – Donald Trump and Xi Jinping – for approval. The US says China has been slow to release exports of rare earth metals and magnets which are essential for manufacturing everything from smartphones to electric vehicles. The new round of negotiations followed a phone call between Donald Trump and China’s leader Xi Jinping last week which the US President described as a very good talk.
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