In a development expected to reshape trade dynamics, US and Chinese officials concluded talks in London, emerging with a proposed framework to address ongoing trade disputes. US Commerce Secretary Howard Lutnick confirmed that this agreement could lead to resolution on critical issues such as rare earth mineral exports.
Both sides now plan to present this framework to their respective presidents, Donald Trump and Xi Jinping, for final approval. The talks followed a prior agreement on a temporary truce regarding trade tariffs, which has reportedly been marred by accusations of violations from both parties.
Central to the negotiations were discussions about rare earth minerals, vital for various modern technologies, including smartphones and electric vehicles. There have been claims that China has delayed its exports of these essential materials. Concurrently, the US has imposed restrictions on China's access to significant technologies, notably in areas related to artificial intelligence and semiconductors.
"We have reached a framework to implement the Geneva consensus," Lutnick stated, emphasizing the need for presidential endorsement before moving forward. China's Vice Commerce Minister, Li Chenggang, echoed this sentiment by highlighting the consensus reached during a previous phone discussion between Trump and Xi.
These discussions follow a broader backdrop of escalating tariffs, with the US implementing significant duties on Chinese imports earlier this year, prompting retaliatory measures from Beijing. The recent negotiations had hoped to build on a temporary truce that reduced tariffs significantly in May, although subsequent claims of breaches have emerged from both sides.
In the lead-up to the meetings, the Chinese Ministry of Commerce cited the approval of certain applications for rare earth export licenses, suggesting a willingness to collaborate. Meanwhile, Trump confirmed that a renewed commitment to trade in rare earth goods was on the table after his call with Xi, setting the stage for further developments in US-China trade relations.
Both sides now plan to present this framework to their respective presidents, Donald Trump and Xi Jinping, for final approval. The talks followed a prior agreement on a temporary truce regarding trade tariffs, which has reportedly been marred by accusations of violations from both parties.
Central to the negotiations were discussions about rare earth minerals, vital for various modern technologies, including smartphones and electric vehicles. There have been claims that China has delayed its exports of these essential materials. Concurrently, the US has imposed restrictions on China's access to significant technologies, notably in areas related to artificial intelligence and semiconductors.
"We have reached a framework to implement the Geneva consensus," Lutnick stated, emphasizing the need for presidential endorsement before moving forward. China's Vice Commerce Minister, Li Chenggang, echoed this sentiment by highlighting the consensus reached during a previous phone discussion between Trump and Xi.
These discussions follow a broader backdrop of escalating tariffs, with the US implementing significant duties on Chinese imports earlier this year, prompting retaliatory measures from Beijing. The recent negotiations had hoped to build on a temporary truce that reduced tariffs significantly in May, although subsequent claims of breaches have emerged from both sides.
In the lead-up to the meetings, the Chinese Ministry of Commerce cited the approval of certain applications for rare earth export licenses, suggesting a willingness to collaborate. Meanwhile, Trump confirmed that a renewed commitment to trade in rare earth goods was on the table after his call with Xi, setting the stage for further developments in US-China trade relations.
