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US and China Agree on London Framework to Ease Trade Tensions

Presidential approval is required to pave the way for tariff cuts followed by resumed mineral shipments

U.S. Treasury Secretary Scott Bessent and Chinese vice premier He Lifeng meet in London, Britain June 9, 2025. United States Treasury/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY
Scott Bessent, US treasury secretary, center, following trade talks at Lancaster House in London, UK, on Monday, June 9, 2025. Trade talks between the US and China will continue into a second day, according to a US official, as the two sides look to ease tensions over shipments of technology and rare earth elements. Photographer: Chris Ratcliffe/Bloomberg via Getty Images
Image
Members of the media gather outside Lancaster House, on the second day scheduled for trade talks between the U.S. and China, in London, Britain, June 10, 2025. REUTERS/Toby Melville

Overview

  • Negotiators concluded nearly 20 hours of talks at London’s Lancaster House with a framework to implement last month’s Geneva tariff truce.
  • The agreement tackles US export controls on high-tech goods in exchange for China lifting restrictions on rare earth mineral shipments.
  • The deal must be approved by President Trump and President Xi before any of its measures can be implemented.
  • Treasury Secretary Scott Bessent departed early to testify before Congress, leaving Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer to continue talks with Vice Premier He Lifeng.
  • Global stocks rose on investor hopes that the framework will extend tariff reductions and ease supply-chain bottlenecks between the world’s two largest economies.