Trade talks between the U.S. and China will begin in London on Monday in an effort to resolve the trade war.
The U.S. delegation includes Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Gree, CNBC reported. The Chinese foreign ministry said on Saturday that Vice Premier He Lifeng, the country's lead trade negotiator, will be in the U.K. this week and that a meeting of the “China-U.S. economic and trade consultation mechanism” would take place.
National Economic Council Director Kevin Hassett told CNBC on Monday that the U.S. wants China to confirm it will export additional critical minerals to the U.S.
“The purpose of the meeting today is to make sure that they’re serious, but to literally get handshakes... and get this thing behind us,” Hassett said.
He said he expects it “to be a short meeting with a big, strong handshake.”
“Our expectation is that... immediately after the handshake, any export controls from the U.S. will be eased, and the rare earths will be released in volume, and then we can go back to negotiating smaller matters,” Hassett added.
President Trump said he spoke with China President Xi Jinping for more than 1.5 hours Thursday morning, almost entirely on trade between the two nations. Trump said the call "resulted in a very positive conclusion for both countries."
The phone call came almost a week after Trump accused China of failing to uphold the bargain the two countries reached in Geneva last month.
In May, the two countries reached a 90-day deal to reduce high tariffs. The U.S. reduced its tariffs on China from 145% to 30% and China cut its levies on U.S. imports from 125% to 10%.
Both countries have accused each other of violating the Geneva agreement, with the U.S. saying that China was slow to approve additional critical minerals exports to the U.S., and the communist country criticizing the White House for imposing new restrictions on Chinese student visas and additional export restrictions on chips.
Source link