China is willing to speed up rare earth export approvals for European Union firms and conclude its probe into EU brandy imports by July 5, Reuters reported Saturday.

China's commerce ministry said talks on EU tariffs for Chinese EVs are in their final stages, but further efforts are needed, according to the report.

The moves signal progress in easing trade tensions, including disputes over rare earths, critical for auto and tech sectors, and brandy duties of up to 39%, mostly affecting French cognac makers, Reuters wrote.

China and the EU are also negotiating minimum EV prices to avoid tariffs imposed by the EU in 2024, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)