US and China set to meet for trade talks in London
Summary
The United States and China are meeting in London for new trade talks aimed at easing tensions from their ongoing trade conflict. Both countries had previously agreed to temporarily reduce tariffs on each other's goods, but have since accused each other of not following the agreement. The new discussions follow a phone call between US President Donald Trump and Chinese President Xi Jinping.Key Facts
- The US and China are holding new trade talks in London.
- US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer will represent the US.
- Chinese Vice Premier He Lifeng will attend the talks.
- The meeting follows a phone call between Trump and Xi, which Trump described as positive.
- A temporary truce in May reduced US tariffs on Chinese goods to 30% and Chinese tariffs on US goods to 10%.
- Both countries previously set a 90-day deadline to advance trade agreements.
- Relations deteriorated with both sides accusing each other of violating the agreement.
- The US criticized China for not resuming shipments of critical minerals crucial to industries like car manufacturing.
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