Overview

• US and Chinese delegations meeting at London’s Lancaster House resumed talks to build on a Geneva agreement that paused high tariffs for 90 days.
• Kevin Hassett said the US wants a "strong handshake" on rare earths and China has approved initial export permits.
• Washington signaled it could ease tech export controls (excluding advanced AI chips) if China commits to boosting rare earth supplies.
• Global stocks rallied and the dollar eased as investors welcomed the negotiations and awaited US inflation data due Wednesday.
• Chinese exports to the US fell at the worst rate in over five years in May, underscoring the trade war's impact on supply chains.