Overview

• Negotiators from Washington, including Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, met Chinese Vice Premier He Lifeng’s delegation at Lancaster House for a second day of talks.
• Discussions center on lifting Beijing’s export curbs on rare earth minerals and reviewing US restrictions on advanced technology components.
• White House economic adviser Kevin Hassett predicted a symbolic handshake would seal mutual understandings on mineral shipments essential to global industries.
• Data from China’s customs authority showed a 34.5% year-on-year drop in exports to the US in May, underlining the conflict’s strain on bilateral trade.
• Both sides have released few public statements, reflecting the sensitive efforts to solidify the 90-day tariff reduction agreed in Geneva.