<h1>US and China sign trade agreement scaling back punitive tariffs amid economic impacts</h1> The US President announced that America and China have signed a trade agreement, though no details were provided. The Commerce Secretary confirmed the deal was signed earlier in the week but also withheld specifics. This follows initial talks in Geneva that led to postponement of major tariff hikes and subsequent London negotiations. China has not announced any new agreements but stated it was accelerating rare earth export approvals. The agreement reportedly scales back punitive tariffs from previous trade disputes, though some tariffs on fentanyl, aluminum and steel remain. Both economies have been impacted, with US GDP contracting 0.5% and Chinese factory profits declining over 9% year-on-year in May.