China and the United States have ended their two days of commercial negotiations in London with a preliminary agreement to establish a framework that implements the consensus reached by the presidents of both countries, Xi Jinping and Donald Trump ,.
Li Chenggang, one of the negotiators of the Chinese team, said after the meeting that the two parties held “professional, rational and sincere exchanges” in these last two days, the State State Agency Xinhua collects.
According to Li, “both parties agreed in principle a framework to implement the consensus” achieved by XI and Trump and also that they reached in the Geneva negotiations last month.
“Both parties will present a report to their respective leaders about the conversations held at the meeting, as well as on the framework achieved in Geneva. We hope that the progress made in this London meeting will contribute to greater confidence between China and the United States,” said Li, Vice Minister of Commerce and international trade representative of the Asian country.
For his part, the US Secretary of Commerce, Howard Lutnick, said that the commercial framework and the implementation plan “should result in the resolution of the” and that their team will present the consensus reached to Trump to obtain its approval, collects the local press. These Chinese raw materials are crucial for electric vehicle batteries, wind turbines or even defense systems (missiles, radars, satellites).
“They will speak with XI again and make sure it approves. If approved, we will implement the framework in which we have worked hard these last two days,” he said.
Lutnick heads with the Secretary of the Treasury, Scott Besent, and the US commercial representative, Jamieson Greer, the delegation of his country, while the Chinese vice prime minister, He Lifleng, a trusted man of the president, Xi Jinping, does the same with that of his country.
Tensions for “breach”
The conversations sought to lower the tensions between both powers after accusing each other to breach the agreement reached in Geneva last month.
China accused the United States of breaching it for its export control guides of artificial intelligence chips, the semiconductor design software sales suspension and the revocation of visa for Chinese students. Beijing wants Washington to reconsider several export controls on their products. When asked about this possibility, Trump limited himself to a laconic and evasive “we will see.”
For his part, Washington accused Beijing of breaking the truce for the restrictions imposed on export those rare, vital for car manufacturers and other industries. Despite this, the phone call that XI and Trump maintained facilitated the call for this meeting.
In Geneva, both powers reached a 90 -day temporary pact by which China would reduce from 125 % to 10 % on US products while the US would do the same from 145 % to 30 % for Chinese goods.
