US-China trade agreement signed, 10 deals imminent, says commerce chief

The US and China finalized a trade understanding reached in May in Geneva, US Commerce Secretary Howard Lutnick said on June 26, adding that the White House has imminent plans to reach agreements with a set of 10 major trading partners.

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The China deal, which he said was signed two days earlier, codifies the terms laid out in trade talks between Beijing and Washington, including a commitment from China to deliver rare earth minerals used in everything from wind turbines to jet planes.

"They're going to deliver rare earths to us" and, once that is done, "we'll take down our countermeasures", Mr. Lutnick told Bloomberg News in an interview.

The Chinese Commerce Ministry on June 27 said Beijing will "review and approve eligible applications for export of controlled items in accordance with the law", and the US side will cancel restrictive measures, which it did not specify on.

Asian stocks and European futures advanced, and a gauge of global equities reached another record high, in part on trade deal optimism.

The China agreement sets out the terms laid out in trade talks between Beijing and Washington in 2025 — a milestone after both sides accused each other of violating the terms of previous handshake accords. Yet it still hinges on future actions by both nations, including China's export of rare earth materials.

Mr. Lutnick told Bloomberg Television that US President Donald Trump was also prepared to finalize a slate of trade deals in the coming two weeks in connection with his July 9 deadline to reinstate higher tariffs he paused in April.