Trade talks between the US and China will move on the second day to ease tensions over technology and rare earth shipments. Representatives from both countries concluded their first meeting, which lasted more than six hours at Lancaster House in London, according to US officials. The lecture will close around 8pm and the sides will meet again at 5pm on Tuesday (tomorrow).
“We're doing well with China. China is not an easy country,” President Trump told White House reporters, adding that he's only received positive reports.
The US delegation was led by Treasury Secretary Scott Bescent, and Secretary of Commerce Howard Lutnick and US Trade Representative Jamieson Greer also attended the meeting. Lutonic's position as former CEO of Cantor Fitzgerald emphasized the importance of export control in these talks.
“We held a good meeting,” Bescent told reporters in London, but Lutnick described the speech as “productive.” The Chinese delegation was led by Deputy Prime Minister He Lifeng, who left without speaking to the media.
The US says it is willing to lift export restrictions on several technologies in exchange for China, which eases restrictions on rare earth shipments. Rare earths are important for many energy, defense and technology products, including smartphones, fighter jets and nuclear reactor rods. China accounts for 70% of global production.
The Trump administration is preparing to introduce restrictions introduced in recent weeks on chip design software, jet engine parts, chemicals and nuclear materials, but Trump has not made any specific announcements about lifting these restrictions.
Kevin Hassett, director of the White House National Economic Council, said in a statement from Washington that the US hopes to ease export restrictions following consultations in London and China. However, Hassett has repeatedly said that the most advanced Nvidia chips are not exempt from these restrictions.
The first round of this talk was a step towards understanding how well both sides held Geneva's commitment. In talks last month, Washington and Beijing agreed to cut devastating tariffs for 90 days to balance trade. Last week, calls between President Trump and Chinese President Xi Jinping appeared to have created new momentum for a new deal.
*This is not investment advice.
