The United States and China have agreed on a new trade framework designed to ease technology restrictions and support rare earth exports, according to a statement released Friday by China’s Ministry of Commerce.

As part of the deal, China will process export applications for items under its control laws, while the U.S. will roll back several trade restrictions on Beijing, a ministry spokesperson said, without offering specifics.

The statement follows U.S. President Donald Trump’s remarks on Thursday at a White House event, where he said, “we just signed with China yesterday.”

A White House official later clarified that both sides had reached “an additional understanding of a framework to implement the Geneva agreement.”

Earlier this month, U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng led trade talks in London, where both sides reached a deal to implement the Geneva consensus following two days of negotiations.

The agreement marked a turning point in easing tensions between the two nations, which had been trading accusations of violating the Geneva trade pact.