U.S. and China resumed trade talks in London, marking a significant step in addressing ongoing tariff disputes. The negotiations follow a phone call between President Donald Trump and Chinese President Xi Jinping last week, which both leaders described as productive. The talks aim to resolve tensions over tariffs and supply chains, building on a 90-day tariff pause agreed upon in Geneva on May 12, 2025. The U.S. delegation, led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer, is meeting with China’s Vice Premier for Economic Policy He Lifeng. Key issues include China’s export restrictions on rare earth minerals, with May 2025 shipments rising 23% month-over-month to a yearly high despite earlier curbs, impacting global manufacturing. The U.S. seeks greater access to China’s market, increased purchases of American goods, and more Chinese investment in U.S. factories. China reported a 4.8% increase in exports in dollar terms year-over-year, while imports dropped 3.4%, exceeding the predicted 0.9% decline. The discussions also address U.S. export controls on technology, including Huawei’s Ascend AI chips, and a 34% drop in Chinese exports to the U.S. in May compared to the previous year. Both sides aim to stabilize trade relations, with outcomes potentially influencing global economic trends.
34news.online
34news.online
