STORY: The U.S. and China have struck a deal on trade at talks in London. Commerce Secretary Howard Lutnick spoke to the media in the early hours of Wednesday, after two days of intense negotiations. He said the new deal fleshed out a provisional agreement reached last month in Geneva: “So the idea is we're going to go back and speak to President Trump and make sure he approves it. They are going to go back and speak to President Xi and make sure he approves it. And if that is approved, we will then implement the framework that we have worked hard over these last two days.”Lutnick said the new agreement put “meat on the bones” of the Geneva deal. That had faltered over China’s curbs on the export of critical rare earth minerals. Now Lutnick says those restrictions will be removed as a “fundamental” part of the new framework. He said that some recent U.S. export restrictions would also be lifted. Chinese Vice Commerce Minister Li Chenggang also spoke to reporters. He confirmed that agreement had been reached, and said both sides would now report back to national leaders. Markets gave the news a cautious welcome, with Asian stocks posting modest gains in Wednesday trade. Some analysts told Reuters they were waiting to see details of the deal before making a judgement.