The United States and China have reached a tentative trade agreement following two days of high-level negotiations in London, representatives from both nations announced Wednesday.

“We have reached a framework to implement the Geneva consensus and the call between the two presidents,” U.S. Commerce Secretary Howard Lutnick told reporters.

Li Chenggang, China’s international trade representative and a vice minister at the Commerce Ministry, echoed similar sentiments in remarks to reporters.

Late last week, U.S. President Donald Trump and Chinese President Xi Jinping spoke by phone in an effort to ease growing tensions between the two countries, which had been accusing each other of breaching the Geneva trade agreement. During a meeting in Switzerland in mid-May, the two economic powers agreed to suspend tariffs introduced in April for 90 days and to roll back certain other trade measures.

Lutnick stated that he and U.S. Trade Representative Jamieson Greer would return to Washington, D.C., to ensure that President Trump approves the proposed deal. If President Xi gives his consent as well, Lutnick added, “we will implement the framework.”

Lutnick said that China’s restrictions on rare-earth exports to the U.S. are a “fundamental part” of the new agreement, and the U.S. expects the issue “will be resolved during the framework’s implementation.”

He suggested that recent U.S. restrictions on advanced technology sales to China would be lifted as Beijing moves forward with approving rare-earth exports.

“This deal is taped together by the two sides’ leverage over each other, not common principles or shared interests,” said Scott Kennedy, senior adviser and trustee chair in Chinese Business and Economics at the Center for Strategic and International Studies in Washington, D.C. “The chances for further stops and starts are quite high.”

Chinese state broadcaster CCTV also issued an afternoon bulletin announcing that the bilateral trade talks had resulted in a framework agreement in principle.