U.S.-China Economic and Trade Consultation Mechanism Meeting: U.S. Commerce Secretary Says Export Controls Could Be "Loosened" If Resolve with China on Rare Earth and Magnet Licensing Issues

Export controls could be "relaxed" if a solution is reached with China on rare earths and magnets licensing, Howard Lutnik, US commerce secretary, said at the first meeting of the Sino-US economic and trade consultation mechanism. He said the US and China would implement the plan if the two presidents agreed. Li Chenggang, China's trade representative, told reporters after talks in London that the two sides had agreed in principle on a structure to implement the consensus reached in Geneva last month.