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U.S.-China Trade Framework Confirmed
U.S. Commerce Secretary Howard Lutnick announced the formal signing of a U.S.-China trade framework aimed at expediting rare-earth shipments and magnet supplies from China, essential for U.S. industries, including aerospace and defense. In exchange, the U.S. will lift non-tariff countermeasures on certain Chinese exports.
Furthermore, the Trump administration is reportedly finalizing nine additional trade deals, with intentions to categorize them as negotiations progress. The July 8 deadline for a tariff pause has been deemed non-critical, allowing for a more flexible approach to trade agreements.
In another development, President Trump terminated trade talks with Canada over a proposed digital-services tax, potentially costing U.S. tech companies billions. The stocks initially reacted negatively before recovering, as the S&P and Nasdaq reached new record highs.
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