AsianFin -- U.S. and Chinese officials on Tuesday said they agreed on a framework during their trade talks in London, pending for leaders of two countries’ review.
Credit：Xinhua News Agency
China and the United States have agreed in principle the framework for implementing consensus between the two heads of state during their phone talks on June 5, as well as those reached at Geneva talks, China’s state news agency Xinhua cited Li Chenggang, China international trade representative with the Ministry of Commerce and vice minister of commerce.
Li described the trade talks over the past two days as professional, rational, in-depth and candid exchanges, Xinhua reported on Tuesday, adding that Li made the remarks when briefing the press following the first meeting of the China-U.S. economic and trade consultation mechanism held in London.
It is hoped that progress made at the London meeting will be conducive to strengthening trust between China and the United States, and to further promoting the steady and healthy development of economic and trade ties between the two countries, Li said, per Xinhua.
Li told reporters Chinese and U.S. negotiating teams would take the framework on trade back to their leaders, according to Reuters.
U.S. Commerce Secretary Howard Lutnick said U.S. representatives would take the trade framework back to President Donald Trump for his approval and then hope for enforcement of the new agreement. Calling the framework as a “first step”, Lutnick said “we had to get the negativity out.” He told reporters he thought “talks are going, really, really well” as negotiators were working on “all sorts of trade issues” and spending time and effort and energy.
Lutnick expected the trade framework and implementation plan agreed in London to lead to China’s curbs on rare earth and magnets exports being resolved.
While Lutnick earlier Tuesday said the two sides were trying to finish by Tuesday evening and negotiations could continue on Wednesday if needed, Trade Representative Jamieson Greer noted “we don’t have another meeting scheduled, but we are in constant contact with China.”
When dicussion were still taking place, U.S. Treasury Secretary Scott Bessent said the two-day trade talks with Chinese counterparts have been “constructive”, and he had returned to the U.S. for planned testimony to Congress on Wednesday.
The trade talks, which was opened in London on Monday and stretched into Tuesday, is the first meeting of the China-U.S. economic and trade consultation mechanism, according to Xinhua.
Chinese Vice Premier He Lifeng, also a member of the Political Bureau of the Communist Party of China Central Committee, attended the meeting with with U.S. representatives, Xinhua reported, attaching a group photo prior to the meeting. The picture showed He, Chinese Commerce Minister Wang wentao and his deputy Li Chenggang, the country’s trade representative and their American counterparts--Bessent, Lutnick and Greer held the talks.
The meeting came four days after Trump spoke to Chinese President Xi jinping during a phone call last Thursday. China’s official news media outlets and embassy in the United States said it is Trump who requested the call with Xi. Trump said in a social media post he on Thursday he discussed the preliminary trade deal U.S. and Chinese official had made last month with Xi for 90 minutes, and two leaders made “a very positive conclusion”.
This is the first call between U.S. and Chinese presidents since Trump initiated the new round of trade war in February. The last Trump-Xi call took place in January, three days before Trump’s second inauguration on January 20.
Xi told Trump China always honor and deliver what has been promised, and urged U.S. to acknowledge the progress already made, and remove the negative measures taken against China, Xinhua reported. The two sides should enhance communication in such fields as foreign affairs, economy and trade, military, and law enforcement to build consensus, clear up misunderstandings, and strengthen cooperation, Xi added.
Xi emphasized that the U.S. must handle the Taiwan question with prudence, so that the fringe separatists bent on "Taiwan independence" will not be able to drag China and the United States into the dangerous terrain of confrontation and even conflict, Xinhua reported. In response, Trump said the United States will honor the one-China policy, per the report.
It was reported by Xinhua that Trump told Xi the U.S. wants the Chinese economy to do very well, and the United States and China working together can get a lot of great things done. The United States loves to have Chinese students coming to study in America, the report cited Trump.
