US, China say agreed to ‘framework' after London trade talks
Top officials from the United States and China said Tuesday they had agreed on a 'framework' to move forward on trade, after two days of high-level talks in London aimed at resolving tensions.
US Commerce Secretary Howard Lutnick expressed optimism that concerns surrounding rare earth minerals and magnets 'will be resolved' as the deal is implemented.
But the framework will still need approval from leaders in Washington and Beijing, officials said after a full day of talks at London's historic Lancaster House.
All eyes were on the outcome of the negotiations, as both sides work to overcome an impasse over export restrictions. US officials had earlier accused Beijing of slow-walking approvals for shipments of rare earths.
The world's two largest economies were also aiming for a longer-lasting truce in their escalating tariff war, with levies reduced temporarily.
'We're moving as quickly as we can,' US Trade Representative Jamieson Greer told reporters. 'We feel positive about engaging with the Chinese.'
Speaking separately, China's International Trade Representative Li Chenggang said: 'Our communication has been very professional, rational, in-depth and candid.'
Li expressed hope that the progress made in London would help to boost trust on both sides.
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