In the current dialogue surrounding trade and tariffs, reports suggest that the US and China are executing an agreement to lift export limitations on essential items for technology manufacturing. After a short-term trade arrangement in May aimed at decreasing tariffs, talks progressed in June when the US and China decided to reinstate the flow of rare earth minerals and magnets from China to the US. Concurrently, the US will remove export limitations on items such as chip software, ethane, and jet engines.

“The Chinese side is reviewing and endorsing requests for export licenses for eligible controlled items as per the law. The US side has also initiated corresponding measures to eliminate a series of restrictive actions against China, and the Chinese side has been briefed on the pertinent information,” stated a spokesperson for China’s Ministry of Commerce on Friday, as reported by Politico.

President Trump also consented to not rescind Chinese student visas, as he had previously warned, and accepted a ceiling of 55 percent tariffs on China. Chinese tariffs on US products will stand at ten percent.