The US and China Reach Trade Framework After Talks in London

The US and China have finally made progress in trade talks.

Li Chenggang, China’s Vice Minister of Commerce, told China’s state broadcaster CGTN on Tuesday evening that the countries reached an agreement on a trade framework after two days of talks in London.

The Chinese negotiator told reporters in a media appearance that the US and China held “professional, rational, in-depth, and candid” discussions over the past two days.

He added that the new framework will implement the consensus reached by the two presidents during their phone call on June 5 and at the Geneva talks last month.

A person familiar with the matter at the White House confirmed the agreement over a trade framework and said it is pending President Donald Trump’s approval.

The US trade negotiation team comprised Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and Trade Representative Jamieson Greer.

There are no further details at the moment on what the framework looks like, or if the US has made progress on ensuring that critical minerals essential for chips, automakers, and the defense industry continue to flow from China.

A spokesperson of the China Ministry of Commerce previously said during a June 7 press conference that export controls on rare earth minerals are consistent with “international obligations such as non-proliferation” and “safeguarding national security.”

“China is willing to further strengthen export control communication and dialogue with relevant countries in this regard to promote convenient and compliant trade,” the spokesperson added.

The Department of Commerce, the Department of the Treasury, and the Chinese Embassy in Washington, DC did not immediately respond to a request for comments.

This is a developing story. Please check back for more updates.