The dollar was steady against its major peers on Wednesday, after U.S. and China agreed on a framework for a trade agreement that investors hoped could potentially pave the way to resolving a damaging trade war between the world's two largest economies.

Officials from the world’s largest economies will try to strike a deal Tuesday to relax painful export restrictions that they have imposed on each other.

One expert said he expected loosened controls on U.S. exports of semiconductors in exchange for China's releasing of more rare earths.

Oil prices fell in early trade on Wednesday as markets were assessing the outcome of U.S.-China trade talks, yet to be reviewed by President Donald Trump, with weak oil demand from China and OPEC+ production increases weighing on the market.

China produces the entire world’s supply of samarium, a rare earth metal that the United States and its allies need to rebuild inventories of fighter jets, missiles and other hardware.

China's trade negotiator says that the two countries reached an agreement on a trade framework after two days of talks.

U.S. seaborne imports of goods from China dropped 28.5% year-over-year in May, the sharpest decline since the pandemic, as President Donald Trump's 145% tariffs took hold, supply chain technology provider Descartes said on Monday.