China, US reach agreement on export controls as trade talks bear fruit
Announcement follows high-level negotiations in London and comes amid intensifying competition over strategic technologies
China said on Friday that it would review and approve export applications for controlled items while the US would also remove some of its limits – confirming much-needed progress in trade talks centred on the two countries’ extensive, reciprocal export controls.
“China will review and approve export applications for controlled items in line with laws and regulations, while the US side will correspondingly lift a series of restrictive measures against China,” according to a statement from the ministry.
“We hope that the US side will work with China, in line with the important consensus and requirements put forward during the June 5 talk between the two presidents.”
“We just signed with China yesterday, right? Just signed with China,” Trump said at a White House event promoting his budget legislation. “In the China deal, we’re starting to open up China.”
“The details are sparse, but assuming it’s export controls on these chips, then this is a big thing,” said Jayant Menon, a senior fellow at the ISEAS-Yusok Ishak Institute in Singapore.
“If they have removed those controls, then it is a major breakthrough. These were things that were tightened under the [US’ Joe] Biden administration, and if they can be removed this is actual progress in trade liberalisation.”