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3h ago

U.S., China Press London Talks to Unlock Rare Earth Exports and Ease Tariffs

Officials hope to trade Chinese commitments on mineral shipments for relief on U.S. technology export controls ahead of critical inflation data.

Scott Bessent arrives in London to resume trade talks with top Chinese officials.
Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell on June 2, 2025, in New York City.
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Overview

  • A top U.S. delegation including Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer is meeting China’s Vice Premier He Lifeng in London to advance a Geneva-brokered tariff truce.
  • Washington is indicating willingness to roll back certain semiconductor export controls if China provides firm assurances on rare earth mineral shipments.
  • Chinese exports to the U.S. plunged 34.5% year-on-year in May, marking the steepest decline since February 2020.
  • Beijing reported a 0.1% drop in its consumer price index for May, the fourth straight month of deflation, adding urgency to the negotiations.
  • U.S. core consumer prices are expected to rise 0.3% in May, with markets watching for any impact on the Federal Reserve’s June 18 policy decision.