China will only be renewing contracts for its rare earths six months at a time, making rolling trade negotiations more likely, The Wall Street Journal reported.

U.S. Treasury Secretary Scott Bessent on Wednesday called on China to uphold its commitments under an initial U.S. trade agreement reached in Geneva last month, hours after he and other U.S. and Chinese officials agreed on a new framework to implement the deal.

China on Thursday affirmed a trade deal announced by U.S. President Donald Trump, saying both sides needed to abide by the consensus and adding China always kept its word. The deal, reached after Trump and China's President Xi Jinping spoke on the telephone last week,