The U.S. and China have signed a trade agreement that promises to ease trade restrictions.

China's Ministry of Commerce said the two countries have confirmed details on the framework for implementing the Geneva trade talks consensus.

The ministry’s spokesperson also said, “China will review and approve export applications for items subject to export control rules, and the U.S. will correspondingly cancel a range of existing restrictive measures imposed against Beijing.”

Back in Geneva, Beijing said it would remove non-tariff countermeasures imposed on the U.S. since April, to which Trump responded with tariffs as high as 145%.

In May, the U.S. and China announced a 90-day détente.

President Trump announced the news on Thursday but didn’t provide further details about the deal. He also said there might be a separate deal in the works that would “open up” India.

Treasury Secretary Scott Bessent told Fox News he believes all trade negotiations could be “wrapped up” by Labor Day, a more relaxed framework than the previous July 9 deadline.