London talks could pave way for focusing on deeper issues, analyst says
U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng: The two officials' delegations said they agreed on a trade "framework" in London. (Nikkei montage/Source photos by Reuters)
NEW YORK -- Chinese and U.S. officials said they agreed to a "framework" to lower trade tensions after two days of talks in London, offering scant details but potentially alleviating pressure on global supply chains.
U.S. Commerce Secretary Howard Lutnick told reporters on Tuesday that the two sides had charted a path to implement a consensus reached in Geneva in mid-May, when the rivals agreed to significantly roll back tit-for-tat tariffs that had soared well above 100%. The secretary said that the framework agreed in London should resolve a key friction point that had persisted -- Chinese restrictions on exports of rare-earth minerals critical for high-tech manufacturing -- while suggesting that some U.S. export controls would come off "in a balanced way."
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