China and U.S. trade officials to hold talks in London

CNBC

3 days ago

U.S. President Donald Trump's top trade officials are meeting their Chinese counterparts in London on Monday for talks aimed at resolving an ongoing trade dispute between the world's two largest economies.
U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer are representing the U.S.
China's foreign ministry said on Saturday that Vice Premier He Lifeng, Beijing's lead trade negotiator, will be in the U.K. between June 8-13, and that a meeting of the "China-U.S. economic and trade consultation mechanism" would take place.
The talks come after Trump last week said that he had held a lengthy phone call with Chinese President Xi Jinping as both look to avert a full-blown trade war.
Diplomatic efforts by both sides have ramped up after weeks of heightened trade tension and uncertainty after Trump announced sweeping import tariffs on China and other trading partners in April.
Beijing retaliated, and a tit-for-tat escalation in duties ensued before both sides agreed in Geneva in May to temporarily slash duties and facilitate talks. At the time, the U.S. tariff on Chinese imports was cut from 145% to 30% , while China's levies on U.S. imports were lowered from 125% to 10%.
China and the U.S. have since repeatedly accused each other of violating the Geneva agreement, with Washington saying Beijing was slow to approve the export of additional critical minerals to the U.S., while China criticized the U.S. imposing new restrictions on Chinese student visas and additional export restrictions on chips.
U.S. Press Secretary Karoline Leavitt on Sunday said that the London talks would focus on moving forward with the Geneva agreement, noting the two sides' strategic interests in each other's markets.