{"id":29693,"date":"2025-06-12T08:12:43","date_gmt":"2025-06-12T05:12:43","guid":{"rendered":"https:\/\/www.ir-ia.com\/news\/?p=29693"},"modified":"2025-06-12T08:33:06","modified_gmt":"2025-06-12T05:33:06","slug":"us-and-china-officials-finalize-trade-framework-and-restore-fragile-truce-after-talks-in-london","status":"publish","type":"post","link":"https:\/\/www.ir-ia.com\/news\/us-and-china-officials-finalize-trade-framework-and-restore-fragile-truce-after-talks-in-london\/","title":{"rendered":"US and China officials finalize trade framework and restore fragile truce after talks in London"},"content":{"rendered":"\n

5 minute read<\/em><\/p>\n\n\n\n

Senior U.S. and Chinese officials have announced a breakthrough after two days of intense, closed-door talks held at Lancaster House in London, a historic mansion near Buckingham Palace.<\/strong><\/p>\n\n\n\n

The agreement, while lacking in detailed implementation steps, is a critical attempt to stabilize a fragile truce that was first reached in Geneva last month but quickly teetered due to renewed disputes over technology, rare earth minerals exports, and semiconductors.<\/p>\n\n\n\n

\u201cFirst, we had to get sort of the negativity out, and now we can go forward,\u201d U.S. Commerce Secretary Howard Lutnick told reporters following the conclusion of the talks late Tuesday evening.<\/p>\n\n\n\n

President Donald Trump said he was \u201cvery happy\u201d with a trade deal that restored a fragile truce in the U.S.-China trade war, after negotiators agreed on a framework covering tariff rates. \u201cWe made a great deal with China. We’re very happy with it,\u201d Trump said. \u201cWe have everything we need, and we’re going to do very well with it. And hopefully they are too.\u201d<\/p>\n\n\n\n


A resumption, not a resolution<\/strong><\/p>\n\n\n\n

The talks in London were a response to a phone call between U.S. President Donald Trump and Chinese President Xi Jinping, aimed at salvaging the Geneva agreement.<\/p>\n\n\n\n

The preliminary pact, which temporarily froze new tariff impositions for 90 days, was seen as a necessary first step toward broader trade normalization. However, sharp disagreements resurfaced almost immediately, particularly over China’s export curbs on rare earth minerals and U.S. restrictions on semiconductor technology.<\/p>\n\n\n

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U.S. Treasury Secretary Scott Bessent and Chinese vice premier He Lifeng meet in London. (Image Credit: United States Treasury)<\/sup><\/em><\/figcaption><\/figure>\n<\/div>\n\n\n

Li Chenggang, China\u2019s Vice Minister of Commerce, confirmed that the two sides had \u201cagreed in principle on a framework for implementing the consensus reached on the phone call and at the talks in Geneva,\u201d according to China\u2019s state-run news agency.<\/p>\n\n\n\n

The Chinese delegation was led by Vice Premier He Lifeng and included Commerce Minister Wang Wentao. On the American side, Lutnick was joined by Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.<\/p>\n\n\n\n

No public draft of the framework has been released, and key enforcement mechanisms remain unclear. However, both sides acknowledged that the agreement would now be presented to their respective leaders for final approval.<\/p>\n\n\n\n

One of the most contentious issues, the export of rare earth minerals, appears to have been partly resolved. China, the world\u2019s dominant supplier of these crucial elements used in everything from electric vehicles to advanced weaponry, has agreed to speed up export license approvals. In return, Lutnick indicated that the U.S. would scale back some of its retaliatory export restrictions.<\/p>\n\n\n\n

\u201cWhen they approve the licenses, then you should expect that our export implementation will come down as well,\u201d Lutnick said, though he did not specify which U.S. measures would be rolled back.<\/p>\n\n\n\n

It was fantastic to team up with Secretary Scott Bessent and Ambassador Jamieson Greer. World-class team delivering world-class results for America. pic.twitter.com\/hWxj1xyNv9<\/a><\/p>\u2014 Howard Lutnick (@howardlutnick) June 11, 2025<\/a><\/blockquote>