China-US Economic and Trade Consultation Mechanism Meeting: The US Secretary of Commerce stated that if a solution is reached with China regarding rare earth and magnet licensing issues, export controls may be "relaxed."

[US-China trade talks mechanism meeting: US Secretary of Commerce says export controls may be “relaxed” if a solution is reached with China on rare earth and magnet licensing issues] US Secretary of Commerce Howard Lutnick stated at the first meeting of the US-China trade talks mechanism that if a solution is reached with China on rare earth and magnet licensing issues, export controls may be “relaxed.” He said that if both presidents agree, then the US and China will implement the plan. Chinese trade representative Li Chenggang told reporters after talks in London that both sides have generally agreed to implement the structure of the consensus reached last month in Geneva.