Negotiators from the United States and China have reached a tentative agreement to loosen China’s restrictions on rare earth minerals, a critical component for industries such as defense, automotive manufacturing, and technology.

However, the agreement still requires approval from Presidents Donald Trump and Xi Jinping before it can be implemented.

Commerce Secretary Howard Lutnick confirmed the deal while speaking to reporters in London, explaining that the framework was established through May negotiations in Geneva, followed by a recent phone call between Trump and Jinping.

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