The United States and China reached an agreement on the framework for implementing the agreements drawn up in Geneva, Switzerland, last month.
On the 10th (local time), Howard Lutnick, the U.S. Secretary of Commerce, met with reporters after concluding the second high-level trade negotiations held in London, stating, "We have reached a framework for implementing the Geneva agreement with China."
He added, "I expect this measure will contribute to resolving the issue of China's restrictions on rare earth exports."
The representative of the Chinese delegation, Li Chenggang, the International Trade Representative and Deputy Minister of Commerce, also told reporters, "The negotiating teams from both sides have reached a framework for implementing the agreements made during the telephone conversations between the leaders of both countries on the 5th and at the Geneva meeting," adding, "I will report to the leadership."
Earlier, the two countries agreed to drastically reduce reciprocal tariffs by 115 percentage points each over a 90-day period during the first high-level trade talks held in Geneva, Switzerland, from the 10th to 11th of last month. China withdrew the non-tariff measures it implemented in response to the reciprocal tariffs announced by the U.S. in early April.
However, after that, both sides claimed that the other had violated the agreement, rekindling tensions.
The U.S. criticized China for continuing to control the exports of rare earth and critical minerals. China criticized the U.S. for imposing restrictions on the export of critical technologies, including semiconductors, and for canceling visas for Chinese students studying in the U.S.
The second meeting in London was held for two days starting from the 9th to resume stalled follow-up negotiations.
Minister Lutnick noted, "I reported the contents of this agreement to President Donald Trump," adding that he would make efforts to implement it once the leaders of both countries, including President Trump and President Xi Jinping of China, approve the agenda.
This meeting was held at Lancaster House, a 19th-century building near Buckingham Palace in London.
The U.S. delegation included Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and U.S. Trade Representative Jamieson Greer. On the Chinese side, Vice Premier He Lifeng led the negotiations along with Minister of Commerce Wang Wentao and Deputy Minister Li Chenggang.