US-China Trade Talks Stall in London with No Deal

U.S.-China trade talks in London have seen cautious optimism as President Donald Trump and U.S. officials reported progress despite the complexity of negotiations. The discussions, led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer, focused on easing restrictions on tech exports in exchange for China loosening limits on rare earth mineral shipments, critical for multiple industries. While no breakthrough was achieved, the talks were described as "good" and "fruitful," with a follow-up session scheduled. Trump emphasized the difficulty of dealing with China but expressed confidence in the negotiations and stressed the importance of opening up China to trade. The backdrop includes a sharp decline in Chinese exports to the U.S. and longstanding U.S. grievances about Chinese trade practices and intellectual property issues. Market reactions have been cautiously positive, with hopes that progress in talks could ease tensions between the world's two largest economies.