US & China agree on framework to ease trade tensions after 2 days of negotiations

The U.S. and China have agreed in principle on a framework to ease trade tensions after two days of negotiations in London.

China's international trade representative and vice commerce minister said that both sides agreed on a framework for "implementing the consensus reached by the two heads of state during their phone talks on Jun. 5 and at Geneva talks last month", as reported by Chinese state media CGTN.

Officials from both countries will now take the proposal back to their leaders for approval, the U.S. Commerce Secretary Howard Lutnick told reporters in a separate briefing, as reported by Reuters.

Full details of the framework were not immediately available, but Lutnick said it would address issues related to the export of rare earth minerals and magnets to the U.S.

Li said that it is hoped the progress made at the meeting will contribute to strengthening trust between China and the U.S. for the better development of economic and trade ties, as reported by CGTN.

Top image from Li Ying, Xinhua via AFP