China, US reach agreement on export controls as trade talks bear fruit

China said on Friday that it would review and approve export applications for controlled items while the US would also remove some of its limits – confirming much-needed progress in trade talks centred on the two countries’ extensive, reciprocal export controls.

Beijing and Washington have been in close communication since a two-day round of trade talks in London ended earlier this month, with both sides further confirming details of the framework solidified in those meetings, China’s Ministry of Commerce said on Friday afternoon.

“China will review and approve export applications for controlled items in line with laws and regulations, while the US side will correspondingly lift a series of restrictive measures against China,” according to a statement from the ministry.

“We hope that the US side will work with China, in line with the important consensus and requirements put forward during the June 5 talk between the two presidents.”

US President Donald Trump said on Thursday that the US had “signed” a trade deal with China the previous day, without disclosing any details.

“We just signed with China yesterday, right? Just signed with China,” Trump said at a White House event promoting his budget legislation. “In the China deal, we’re starting to open up China.”