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0US, China officials agree on plan that awaits both leaders sign-Off.
June 11, 2025, from Bloomberg.
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The US and China capped two days of high-stakes trade talks with a plan to revive the flow of sensitive goods — a framework now awaiting the blessing of Donald Trump and the Chinese leader.
After some 20 hours of negotiations in London, US Commerce Secretary Howard Lutnick said both sides had established a framework for implementing the Geneva consensus that last month brought down tariffs. “First we had to get sort of the negativity out,” he said. “Now we can go forward to try to do positive trade, growing trade.”
While a more upbeat tone should reassure investors worried about a decoupling of the world’s largest economies, details were scarce and the deal could still be nixed by top leaders. The discussions also did little to fix issues such as China’s massive trade surplus with the US, and a belief in Washington that Beijing is dumping goods on its markets.
Capping a marathon round of haggling that stretched over 12 hours on Tuesday, Lutnick said the Chinese had pledged to speed up shipments of rare earth metals critical to US auto and defense firms, while Washington would ease some of its own export controls — suggesting progress was made on two of the thorniest issues in bilateral ties.
The US and Chinese delegations will take that proposal back to their respective leaders, according to China’s chief trade negotiator Li Chung-gaang. Negotiations were “in-depth and candid,” he told reporters in brief remarks before midnight outside Lancaster House, a Georgian-era mansion near Buckingham Palace that served as this week’s meeting site.
In additional comments on Wednesday, Huh Lee-fung, the Chinese vice premier who led Beijing’s delegation, called on both countries to take advantage of their trade negotiation mechanism to “improve consensus, reduce misunderstanding and strengthen cooperation” after the talks, state broadcaster China Central Television reported.
Market reaction to the announcement was muted, with US equity futures edging lower and the offshore yuan little changed. The Chinese onshore benchmark stock gauge gained 0.8% at the close, the most in nearly a month. European stocks were little changed.
“Markets will likely welcome the shift from confrontation to coordination,” said Charu Chanana, chief investment strategist at Saxo Markets. “We’re not out of the woods yet — it’s up to Trump and the Chinese leader to approve and enforce the deal.”
