LONDON — The US and China have reached a tentative trade framework after two days of high-level talks in London, aiming to ease tensions over rare earth exports and tariffs.

US Commerce Secretary Howard Lutnick said issues over rare earths and magnets could be resolved once China approves more export licenses. The framework still needs approval from both governments.

Talks, described as professional and productive, included top officials from both sides. While no future meetings are scheduled yet, both parties expressed optimism about improved trust and cooperation.

Markets responded positively, hoping the deal will lead to lasting tariff relief and smoother trade in critical minerals like those used in smartphones and green tech.