Pakistan, June 11 -- The United States and China have agreed on a new trade framework to ease rising tensions and avoid a major tariff clash. Officials met in London for two days of tough talks and reached a deal in principle. US Commerce Secretary Howard Lutnick said the framework supports an earlier agreement made in Geneva. However, final approval is still needed from both President Trump and President Xi. Talks focused on ending export bans and restoring trust.

As part of the deal, China will lift export restrictions on rare earth minerals, which are vital for electronics and electric vehicles. In return, the US will ease some recent export bans on tech goods like chip software and aircraft parts. Although Lutnick shared few details,...