Lutnick says US-China trade framework should resolve rare earth issue

The Star

Trade negotiators of China and the United States said they had agreed on a framework to implement consensus reached in their earlier talks in Geneva.   US Commerce Secretary Howard Lutnick also said at the end of their two-day trade talks in London early Wednesday (June 11) that the framework should result in restrictions on rare earths and magnets being resolved.  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

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00:00I have to go back to Washington to testify before Congress tomorrow.

00:25We have had two days of the productive talks.

00:30They are ongoing.

00:32My colleagues, Secretary-elect and Ambassador Breer, are going to be continuing as needed

00:38with the Chinese delegation.

00:39So, thank you very much.

00:40We're going to have a deal tonight.

00:41Thank you very much, everyone.

00:42When it comes to export control, Ambassador Breer from U.S. today, and in total, they

00:50have been talking for about 13 hours here in the City of London.

00:57Remember...

01:03We have reached a framework to implement the Geneva Consensus and the call between the two

01:12presidents.

01:13Right?

01:14So, that was on June 5th.

01:15So, we've combined those two.

01:17We've reached a framework for implementation.

01:20Now, the process will be...

01:22We're both going to go back.

01:24We, Ambassador Greer, myself, and Scott Besant, who just left a little earlier, which you saw,

01:29because he's testifying tomorrow on the Hill.

01:33So, the idea is we're going to go back and speak to President Trump and make sure he approves

01:38it.

01:39They are going to go back and speak to President Xi and make sure he approves it.

01:43And if that is approved, we will then implement the framework that we have worked hard over

01:48these last two days.

01:50Obviously, the team stayed at it until it was done late into the evening.

01:55Well, that was a topic of discussion for specialists here, right?

01:59Each side has specialists in talking about fentanyl.

02:02Clearly, that's a priority for our president and, frankly, for all Americans, right?

02:07This is not a partisan issue.

02:10You know, we would expect to see progress from the Chinese on that issue in a major way.

02:14We do absolutely expect that the topic of rare earth minerals and magnets with respect to

02:22the United States of America will be resolved in this framework implementation.

02:28That is a fundamental part of that.

02:31Also, there were a number of measures the United States of America put on when those rare earths

02:37were not coming.

02:38You should expect those to come off sort of, as President Trump said, in a balanced way.

02:44When they approve the licenses, then you should expect that our export implementation will come down as well.

02:54The Chinese international.

02:59In the past two days, the U.S. team has a very deep conversation.

03:05Our communication is very professional, scientific, deep, and honest.

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03:39The positive impact is as a liveStop.

03:40Thank you very much.

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