The First Day of US-China Trade Talks Has Ended! Trump and the US Side Released a Statement!

Trade talks between the US and China will carry into a second day with the aim of easing tensions over technology and shipments of rare earth elements. According to US officials, representatives from both countries completed their initial discussions lasting over 6 hours at Lancaster House in London. The talks wrapped up around 8 PM, with the parties set to reconvene on Tuesday at 5:00 PM.

Speaking to reporters at the White House, President Trump said, "Things are going well with China. China is not an easy country," and stated that he has only received positive reports.

While the U.S. delegation was led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer also participated in the discussions. Lutnick's background as the former CEO of Cantor Fitzgerald highlighted the importance of export controls in these talks.

Bessent, while speaking to reporters in London, said, "We had a good meeting," while Lutnick described the discussions as "productive." At the head of the Chinese delegation was Vice Premier He Lifeng, who left without making any statements to the media.

The U.S. has indicated that it is willing to lift some technology export restrictions in exchange for China easing its restrictions on rare earth element shipments. Rare earths are critical for many energy, defense, and technology products such as smartphones, fighter jets, and nuclear reactor rods. China accounts for 70% of global production.

The Trump administration is prepared to lift the restrictions on chip design software, jet engine parts, chemicals, and nuclear materials that it has implemented in recent weeks. However, Trump has not made a definitive statement regarding the lifting of these restrictions and said, "we will see."

White House National Economic Council Chairman Kevin Hassett stated in a statement from Washington that following discussions in London, the U.S. expects to ease export restrictions and China to ship more rare earths. However, Hassett reiterated that the most advanced Nvidia chips will not be exempt from these restrictions.

This first round of talks was a step towards understanding the extent to which both parties have adhered to their commitments in Geneva. In last month's discussions, Washington and Beijing agreed to reduce destructive tariffs for 90 days in order to rebalance trade. The phone call between President Trump and Chinese President Xi Jinping last week seems to have created fresh momentum for a new agreement.

*It is not investment advice.

Follow our Telegram group, Twitter account, and Youtube channel immediately for exclusive news, analyses, and on-chain data! Also, start live price tracking right away by downloading our Android and IOS applications!