Senior US and Chinese negotiators have agreed a framework to get their trade negotiations back on the right track after a series of disputes that threatened to derail them, both parties said.
The announcement came at the end of two days of conversations in the British capital that completed at the end of Tuesday.
The meetings seemed to concentrate on finding a way to resolve disputes about mineral and technology exports that had shaken a fragile ceasefire last month on the trade that had been reached in Geneva. It is not clear whether any progress has been made about the more fundamental differences compared to the extensive trade surplus of China with the United States.
“First we had to remove some sort of negativity and now we can continue,” American trade secretary Howard Lutnick told reporters after the meetings.
Asian stock markets rose on Wednesday after the agreement was announced.
The conversations followed a phone call between President Donald Trump and the Chinese leader Xi Jinping last week to try to calm the waters.
Li Chenggang, a vice -minister of trade and the international trade representative of China, said that the two parties had in principle agreed in a framework for the performance of the consensus that was reached during the telephone conversation and during the conversations about Geneva, said the official news agency of Xinhua.
Further details, including any plans for a potential next round of conversations, were not immediately available.
Li and Wangao, the Chinese Minister of Trade, were part of the delegation led by Vice Prime Minister He Lifeng. They met Lutnick, Finance Minister Scott Bessent and trade representative Jamieson Greer in Lancaster House, a 200-year mansion near Buckingham Palace.
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Wendy Cutler, a former American trade negotiator, said that the disputes had reserved 30 of the 90 days that the two parties should try to resolve their disputes.
They agreed in Geneva with a 90-day suspension of most of the 100 percent plus rates they had imposed each other in an escalating trade war that gave rise to fears for a recession. The World Bank, referring to an increase in commercial barriers, has reduced its projections for us on Tuesday and global economic growth this year.
“The US and China lost a valuable time in repairing their similarities in Geneva,” said Cutler, now vice -president of the Asia Society Policy Institute. “Now there are only sixty days to tackle problems of concern, including unfair commercial practices, surplus capacity, transition and fentanyl.”
Since the talks of Geneva, the US and China have exchanged angry words about advanced semiconductors who powerful artificial intelligence, visa for Chinese students at American universities and rare Earth minerals for car manufacturers and other industries.
China, the world’s largest producer of rare earths, has indicated that it can accelerate the issue of export licenses for the elements. Beijing, in turn, wants the US to raise restrictions on Chinese access to the technology used to make advanced semiconductors.
Lutnick said that solving the problem of the rare earthly nature is a fundamental part of the agreed framework and that the US will remove measures that it had imposed in response. He did not specify which measures.
“If they approve the licenses, you must expect that our export implementation will also fall,” he said.
Cutler said it would be unprecedented for the US to negotiate the export controls, which she described as an annoying that China has been generating for almost 20 years.
“By doing this, the US has opened a door for China to push to add export controls to future negotiating agendas,” she said.
In Washington, a Federal Court of Appeal agreed on Tuesday to keep collecting the government that Trump has not only imposed on China, but also to other countries worldwide, while the administration appeals against a decision against his characteristic trade policy.
Trump said earlier that he wants to ‘open China’, the world’s dominant manufacturer, for American products.
“If we don’t open China, we might not do anything,” Trump said in the White House. “But we want to open China.”
–Moritsugu reported from Beijing. Associated Press writers Josh Boak and Paul Wiseman in Washington contributed to this story.
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