US And China Reach Framework Deal On Trade After High-Level Talks In London

After two days of high-level negotiations in London, the United States and China have reached a framework agreement on trade, according to senior representatives from both nations, reported CNBC.

The deal now awaits final approval from President Donald Trump and President Xi Jinping.

“We have reached a framework to implement the Geneva consensus and the call between the two presidents,” US Commerce Secretary Howard Lutnick was quoted as saying by CNBC.

His statement was supported by Li Chenggang, China’s international trade representative and Vice Minister of Commerce.

The talks follow a phone conversation between Trump and Xi last week, which helped stabilise tensions after mutual accusations of violating the Geneva trade agreement.

At a May summit in Switzerland, both countries agreed to a 90 day suspension of tariffs imposed in April and to reverse certain other restrictive measures.

Lutnick stated he would return to Washington with US Trade Representative Jamieson Greer to “make sure President Trump approves” the outline.

If Xi also agrees, “we will implement the framework,” he added.

Chinese restrictions on rare-earth exports to the US are a key component of the deal.

Lutnick said this issue is expected to be resolved during implementation, alongside potential rollbacks of US curbs on tech sales to China.

Also Read: Kerala-Based Kitex Garments Plans Rs 4,000 Crore Investment In Andhra Pradesh's Textile Sector: Report