China announced on Friday that it has reached additional understandings with the United States to accelerate the export of rare earth minerals in exchange for Washington lifting restrictive trade measures—a move aimed at reducing bilateral trade tensions.

In a statement carried by the official Xinhua News Agency, China's Ministry of Commerce said working teams from both sides maintained close communication and made progress in finalizing details of the framework agreement stemming from their June 9 talks in London.

Under the new understandings, China will review export applications for controlled materials and approve those meeting legal requirements, while the U.S. will suspend a series of trade restrictions imposed on Beijing. The statement expressed hope that Washington would meet China halfway, activating bilateral economic consultation mechanisms to expand common ground, reduce misunderstandings, and promote cooperation for stable, sustainable development of relations.

This follows the June 9 inaugural meeting of their trade consultation mechanism in London, where both sides agreed to implement outcomes of their May 12 Geneva talks—which had resulted in a 91% reciprocal temporary tariff reduction on select goods.

The development has been widely welcomed internationally as signaling both nations' willingness to de-escalate a trade war that has burdened their economies and significantly impacted global growth.