The United States and China, trying to ease economic tensions between the superpowers, agreed to a “framework” for extending a trade truce they reached last month, officials from both countries said on Tuesday.
After two days of marathon negotiations in London, top economic officials from the United States and China are now expected to present the new framework to their leaders, President Trump and President Xi Jinping, for final approval.
The agreement, the full details of which were not immediately released, is intended to solidify terms of a deal that the United States and China reached in Switzerland in May that unraveled in recent weeks.
“They were focused on trying to deliver on what President Xi told President Trump,” Mr. Lutnick said.
He said the two sides would remain in regular contact as they tried to work through their economic disagreements.
In an effort to reduce economic tensions between the superpowers, the United States and China agreed on Tuesday to a “framework” for extending a trade truce that was reached last month, according to officials from both nations.
Leading U.S. and Chinese economic officials are now expected to submit the new framework to their leaders, Presidents Trump and Xi Jinping, for final approval following two days of intense negotiations in London.
The agreement aims to finalize the terms of a deal that the United States and China reached in Switzerland in May but that has since fallen apart. The full details of the agreement were not immediately made public. American concerns about China’s restrictions on exporting rare earth minerals and magnets have been allayed, according to Commerce Secretary Howard Lutnick, who was a member of the negotiating team.
“We have come to an agreement to put the Geneva consensus into practice,” Mr. Dot Lutnick told reporters in London, calling the deal a “handshake.”. “.”.
The agreement will be briefed to Mr. Trump and Mr. Xi prior to its implementation, he added.
“Their main goal was to fulfill the promises made to President Trump by President Xi,” Mr. Lutnick stated. Both sides, in my opinion, had additional motivation to complete tasks. “”.
The U. A. The talks were also centered on making sure that the Geneva agreements regarding rare earth mineral exports and tariffs were followed, according to trade representative Jamieson Greer, who participated in the talks. He declared that while they attempted to resolve their economic differences, the two parties would continue to communicate frequently.
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