Upcoming Trade Talks: Senior U.S. Officials to Meet Chinese Delegation in London
In a significant step toward resolving ongoing trade tensions, senior officials from the White House are set to meet with a Chinese delegation in London on Monday. This crucial meeting follows a recent positive phone conversation between President Donald Trump and Chinese President Xi Jinping, which Trump described as "very positive."
Sharing updates on his Truth Social platform, Trump expressed optimism about the upcoming talks, stating that they "should go very well." The U.S. delegation will be represented by key figures, including Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer. However, details regarding the Chinese representatives remain unclear.
The trade relationship between the U.S. and China remains strained, primarily due to disputes over tariffs and critical rare earth mineral exports, where China holds a dominant position. Recently, both countries agreed to temporarily reduce tariffs as part of efforts to de-escalate their trade war. On May 12, a 90-day agreement was reached in Geneva to suspend retaliatory tariffs that have been in effect since Trump’s inauguration in January.
This initial agreement led to a positive reaction in global markets, with U.S. stock indexes rebounding from bear market territory. Under the terms of the deal, the U.S. reduced its hefty 145% tariff on Chinese goods to 30%, while China agreed to lower its retaliatory tariffs from 125% to 10% on U.S. products. However, some sector-specific tariffs, including the 25% tax on cars, aluminum, and steel, remain unchanged.
Since his re-election, President Trump has occasionally issued threats of punitive trade actions against U.S. partners, although he has often retracted these threats at the last moment.
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