US and China agree on framework to restart trade talks

US and China agree on framework to restart trade talks
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Senior US and Chinese negotiators have agreed on a framework to advance trade talks after recent disputes threatened progress, Chinese state media reported. The announcement came following two days of discussions in London, which concluded late Tuesday.

The talks aim to revive the fragile truce established last month in Geneva, where both countries agreed to a 90-day suspension of tariffs exceeding 100 percent amid escalating trade tensions. However, disputes over issues such as advanced semiconductors, Chinese student visas, and rare earth mineral exports had stalled progress, prompting a phone call between President Donald Trump and Chinese leader Xi Jinping to ease tensions.

China’s Vice Minister of Commerce Li Chenggang confirmed that both sides agreed in principle on a framework to implement the consensus reached by their leaders. Details about future talks remain unclear. US negotiators included Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, and Trade Representative Jamieson Greer, while the Chinese delegation was led by Vice Premier He Lifeng.

Trade expert Wendy Cutler noted that nearly one-third of the 90-day negotiation period had been lost due to setbacks, leaving just 60 days to resolve core issues such as unfair trade practices, excess capacity, and transshipment. China has suggested easing export restrictions on rare earth minerals critical to global industries, while Beijing seeks the removal of US limits on technology for advanced semiconductors.