Top US and Chinese officials recently engaged in trade negotiations in London, discussing significant economic restrictions between the two nations. The focus primarily revolves around US limitations on high-tech product sales to China and China's export controls on rare earth minerals. The meeting marks a continuation of efforts initiated in prior discussions to ease trade tensions, with both sides aiming to solidify commitments from previous agreements. US representatives expressed a desire for tangible outcomes, such as the potential easing of export controls post-meeting. This dialogue indicates an ongoing attempt to stabilize the economic relationship amidst broader geopolitical tensions.
Beijing has sent Vice Premier He Lifeng for the negotiations while Washington is being represented by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer at Lancaster House.
According to Trump, the talks will focus on the details of the May trade agreement. White House press secretary Karoline Leavitt called on China to keep its side of the agreement to pave the way for a more comprehensive deal.
Hassett, director of the National Economic Council, told CNBC in an interview that the expectation was that immediately after the handshake, export controls would be eased and rare earths released in volume.
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