US, China Trade Delegations Meet in London Amid Tensions

President Donald Trump has announced that a high-level U.S. delegation, including Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer, will meet with Chinese officials in London on June 9 to address escalating trade tensions between the two countries. This meeting follows a recent phone call between Trump and Chinese President Xi Jinping, during which both leaders expressed cautious optimism and agreed to resume dialogue, including a tentative resumption of rare earth mineral exports from China to the U.S., which is critical for American manufacturing and defense industries. The talks aim to build on a temporary truce brokered in Geneva in May, where both sides agreed to reduce retaliatory tariffs, though the ceasefire is set to expire in August, increasing urgency for a resolution. Trump has also recently doubled tariffs on steel and aluminum imports, excluding those from Britain due to a new trade agreement, reflecting his administration's focus on correcting trade imbalances and bolstering domestic industries. Despite ongoing challenges, including disputes over Taiwan, economic policies, and illicit fentanyl trade, the negotiations have sparked cautious optimism for easing tensions and stabilizing global markets. The U.S. and China remain engaged in a complex and high-stakes trade relationship, with both sides under pressure to reach agreements amid global economic volatility.