New talks to resolve the ongoing trade war between the United States and China are set to begin in London. It is believed that the two countries’ relations may improve somewhat through these talks. US President Donald Trump has already announced that a senior US delegation will meet with Chinese officials.
China has also confirmed that Vice Premier He Lifeng will be in the UK from June 8 to June 13 to participate in the talks. The talks will take place through the ‘China-US Economic and Trade Forum’. The talks began with a telephone conversation between President Trump and Chinese President Xi Jinping, which Trump described as a “very good conversation”.
Last month, the two countries tentatively agreed to reduce tariffs on each other’s goods. However, both sides have since accused each other of breaching the agreement. A tentative agreement was reached at a meeting in Switzerland in May, where the US reduced its tariffs on Chinese goods to 30% and China imposed tariffs on US goods to 10%. At the same time, China promised to lift the ban on the export of important minerals.
However, over time, tensions began to rise again over the implementation of the agreement. President Trump said that China had not kept its promises, especially since it had not started supplying important minerals and rare earth magnets. On the other hand, China also complained that the United States had not kept its promises and had taken negative measures again.
Recently, US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer will meet with Chinese representatives in London. China has said that some important export licenses have already been issued, although it has not specified for which countries.
Trump claimed that President Xi agreed to resume trade in rare earth minerals. However, Kevin Hassett, director of the White House National Economic Council, said that mineral supplies have increased, but it is still below the rate promised in the Geneva agreement.
Now all eyes are on the new talks to begin in London. The outcome of this meeting will depend on the future momentum of the global economy and the stability of trade relations. If relations between two economic superpowers like the United States and China improve, major changes could be seen in the global market.
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