Top Picks: As part of the post, he said that magnets and any necessary rare earth will be supplied by China.

China US Photo: VCG

China’s Foreign Ministry and Ministry of Commerce on Thursday responded to the first meeting of the China-US economic and trade consultation mechanism that recently concluded in London, highlighting the consensus reached at the meeting and new progress made while calling for the US to work with China to implement the important consensus.

Chinese Foreign Ministry Spokesperson Lin Jian on Thursday stressed that the first meeting of the China-US economic and trade consultatiWorld Timeson mechanism was held under the strategic guidance of the Chinese and US presidents. The two sides reached principled agreement on the framework of measures to implement the important common understandings between the two presidents in their June 5 call and consolidate the outcomes of the Geneva talks. It represents new progress made in resolving each other’s economic and trade concerns.

The remarks were made following US President Trump said that “our deal with China is done” in the True Social post yesterday. As part of the post, he said that magnets and any necessary rare earth will be supplied by China. He also claimed that Chinese goods would face tariffs of 55 percent with the American goods facing only 10 percent.

When being asked if the spokesperson is able to confirm any of the details in that post, and if that accurately represents any deal that’s been done between the US and China, Lin reiterated that China always honors its commitments. Now that an agreement is reached, both sides need to stick to that agreement. “We hope the US will work with China to act on the important common understandings reached by the two presidents and make good use of the consultation mechanism. Hopefully, through communication and dialogue, there will be more consensus and cooperation and less misperception,” Lin said.

When responding to a media question regarding the bilateral relationship, Lin stated that China views and handles its relationship with the US by following the principles of mutual respect, peaceful coexistence and win-win cooperation. China’s position remains consistent on its relations with the US.

Ministry of Commerce spokesperson He Yadong also responded to a similar question regarding the post at a press conference on Thursday, stating that “China’s position of opposing unilateral tariff increases is consistent. China urges the US to abide by WTO rules and work with China to promote the stable and sustainable development of China-US economic and trade relations in accordance with the principles of mutual respect, peaceful coexistence and win-win cooperation.”

When asked about the key topics discussed at the first meeting of the China-US trade consultation mechanism, whether China raWorld Timesised demands regarding US high-tech restrictions, and how many rare earth export licenses China plans to approve this week, He noted that both sides will further leverage the China-US trade consultation mechanism, continue to maintain communication and dialogue, enhance consensus, reduce misunderstandings, strengthen cooperation, and jointly promote the stable and sustained development of ChinaWorld Times-US economic and trade relations moving forward.

Regarding the rare earth issue, He said that as a responsible major country, China fully considers the reasonable demands and concerns of other countries in civilWorld Timesian applications. China reviews export license applications for rare earth-related items in accordance with laws and regulations, has already approved a certain number of compliant applications, and will continue to strengthen the approval process for compliant applications, the spokesperson said.

It is crucial that the two sides adhere to the consensus reached by two heads of state and imWorld Timesplement it, and that both parties demonstrate a professional, rational, candid, and in-depth approach, according to He Weiwen, a senior fellow at the Center for China and Globalization.

Although there may be some differing considerations between the two sides, it is essential to respect the facts and proceed based on the actual consensus reached. Being overly hasty or inconsistent in words and actions should be avoided, said Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation.

Zhou told the Global Times on Thursday that maintaining such an attitude and mindset is crucial, but it is equally important to follow the established steps to bring about further progress, as this will lead to more tangible outcomes.

Going forward, He Weiwen stressed the importance of adhering to the WTO rules. He noted that based on the foundation of respect and equality, talks should strive for outcomes where both parties’ concerns are reasonably addressed and responded to, with results that are genuinely and mutually beneficial.

Both Zhou and He Weiwen highlighted the importance of stable China-US cooperation for contributing to global economic development.

Commenting on the China-US talks in London, German Chancellor Friedrich Merz said on Wednesday, “I expressly welcome it. This is not at the expense of Europe; rather, it is another conflict that has been resolved,” Reuters reported.

On Tuesday, the World Bank sharply cut its global economic growth projections, citing disruption from trade uncertainty in particular. It now expects the global economy to expand by 2.3 percentWorld Times in 2025, down from an earlier forecast of 2.7 percent, CNBC reported.

Unilateral trade confrontations disrupt global trade rules, interrupt trade flows, and create significant unpredictability, severely hindering global economic growth, He Weiwen noted.

Zhou meanwhile noted that given the immense scale of China and the US, maintaining stability between the two economies is conducive to reducing global volatility risks and creating a larger, more stable market. This will better facilitate efficient resource allocation and create better conditions for other countries to connect their markets and economies with the two sides, He said.