Commerce Secretary Howard Lutnick said Wednesday that U.S. tariff levels on Chinese imports will not change from their current levels, even as a trade deal between Washington and Beijing has yet to be finalized.

The United States and China have agreed on a framework to implement their trade truce, officials on both sides said Wednesday, after concluding two days of talks in London to defuse tensions and ease export restrictions that threaten to disrupt global manufacturing.

A fully integrated rare earth supply chain within the U.S. is doable—with government support and private-sector innovation.

The president said he and Chinese President Xi Jinping still need to sign off on a preliminary deal, even though he called it "done."

High-level delegations from the United States and China are meeting in London to try and shore up a fragile truce in a trade dispute that has roiled the global economy.

The deal includes the U.S. rolling back some export restrictions on advanced technology in exchange for China's release more rare earths. In other trade news, President Donald Trump's administration is close to a deal with Mexico to lift the 50% tariff on a limited amount of imported steel,

TOKYO (AP) — Asian shares were trading mixed early Thursday after Wall Street’s rally stalled as investors appeared not to react much to the results of the latest round of China-U.S. trade talks. U.S. futures slipped while oil prices rose. Japan's Nikkei 225 lost 0.7% to 38,160.80.