U.S. and Chinese officials agreed to a framework for trade negotiations on Tuesday, following two days of high-level talks in London. 

The framework will now be presented to Trump and Chinese President Xi Jinping for approval. 

U.S. Commerce Secretary Howard Lutnick said that the framework will help resolve the “rare earth and magnets issues,” and that the U.S. will also scale back its chip export restrictions as China increases its rare earth shipments. 

However, U.S. and Chinese officials did not provide any definitive cues on what the new trade framework will entail, leaving investors cautious over the potential for future deals, particularly as the previous Geneva agreement dd not hold for long.

Adding more uncertainty, a federal appeals court ruled that Trump’s trade tariffs, specifically his “liberation day” duties, can remain in place as it reviews an earlier order that blocked the tariffs.

The ruling allows one of Trump’s flagship economic policies to remain, heralding more market uncertainty over the economic impact of the tariffs.