US and China agree on plan to revive flow of sensitive goods

Bloomberg reports that during the two-day US-China talks, the sides worked out a plan to resume supplies of sensitive goods. It is now awaiting approval by the countries' leaders, Donald Trump and Xi Jinping.

United States Secretary of Commerce, Howard Lutnick, says that China has pledged to speed up exports of rare earth metals necessary for American automakers and defense companies. In response, Washington will ease restrictions on chip shipments to China. 

Bloomberg notes that this development should reassure investors. However, the plan could still be rejected by the leaders. Besides, the talks did not address such issues as China’s large trade surplus with the US and the dumping of American goods in the Chinese market.

US Trade Representative Jamieson Greer claims no other meetings are now scheduled, but the sides remain in contact.