PRC affirms the London understandings, with few details; Rare earths; Huawei

Summary of today’s top items:

1. PRC affirms the London understandings, with few details - The Ministry of Commerce spokesperson He Yadong said:

The two sides reached a principled consensus on a framework of measures to implement the important understandings reached during the June 5 phone call between the two heads of state and to consolidate the outcomes of the Geneva economic and trade talks. New progress was made in addressing each other's economic and trade concerns.

He confirmed that rare earths export applications are being processed, though in language not as emphatic as that used by Trump and his team:

As a responsible major country, China fully considers the legitimate needs and concerns of all countries in the civil sector. In accordance with laws and regulations, China reviews export license applications related to rare earth items. A certain number of compliant applications have already been approved according to the law, and China will continue to strengthen the review and a…