US, China Agree on Trade Framework in London Talks

The United States and China have reached an initial framework agreement aimed at easing trade tensions after two days of negotiations in London, building on prior commitments made by Presidents Donald Trump and Xi Jinping. The framework is based on consensus from a June 5 phone call and a meeting in Geneva, with both sides agreeing in principle to implement these agreements, though final approval is pending from top leaders in Washington and Beijing. Key issues discussed include export controls and tariffs, particularly concerning rare earth minerals and magnets critical to high-tech industries, with hopes to address these during the framework's implementation. Despite progress, the talks were intense and revealed significant sticking points, reflecting the complex nature of the U.S.-China trade relationship. U.S. officials, including Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, emphasized commitment to constructive engagement and noted that export controls might be eased, excluding the most advanced technologies like high-end Nvidia chips. The agreement aims to strengthen trust and promote stable economic and trade relations between the two countries, with the expectation that it will also positively impact global economic development.