The U.S. and China yesterday agreed to a framework and implementation plan to ease trade tensions. “We have reached a framework to implement the Geneva consensus,” US Commerce Secretary Howard Lutnick said. The commerce secretary indicated the deal should resolve issues between the two countries on rare earths and magnets. Representatives will now take the proposal to their respective leaders for approval. The progress comes after two days of trade talks between the U.S. and China in London. The high-stakes negotiations follow Trump’s call with Xi Jinping last week, which both leaders framed as positive. Tensions between the two countries had been rising since they reached a temporary truce in mid-May in Geneva. Meanwhile, Trump received a favorable update yesterday when a federal appeals court held that his tariffs can temporarily stay in effect.