US Commerce Secretary Howard Lutnick expressed optimism after a full day of negotiations that concerns surrounding rare earth minerals and magnets “will be resolved” eventually, as the deal is implemented.
All eyes were on the outcomes of negotiations as both sides tried to overcome an impasse over export restrictions. US officials earlier accused Beijing of slow-walking approvals for shipments of rare earths.
“We’re moving as quickly as we can,“ US Trade Representative Jamieson Greer told reporters.
“We feel positive about engaging with the Chinese,“ he maintained.
Li expressed hope that progress made in London would help to boost trust on both sides.
US Treasury Secretary Scott Bessent earlier described the closely-watched trade talks as productive, although scheduling conflicts prompted his departure from London with negotiations still ongoing.
Chinese Vice Premier He Lifeng headed his country’s team in London, which included Li and Commerce Minister Wang Wentao.
But Lutnick said Tuesday that US measures imposed when rare earths “were not coming” would likely be relaxed once Beijing moved forward with more license approvals.
The London negotiations follow talks in Geneva last month, which saw a temporary agreement to lower tariffs.
“In Geneva, we had agreed to lower tariffs on them, and they had agreed to release the magnets and rare earths that we need throughout the economy,“ US President Donald Trump’s top economic adviser, Kevin Hassett, told CNBC on Monday.
‘Mirror arsenal’
As they tap economic tools to try and shift global power structures, she told AFP, it may not be reasonable to expect a typical trade and investment deal.
A dialing-down of temperatures could involve Chinese efforts to shore up the process for granting export control licenses, Benson said. She noted Beijing appeared understaffed given the volume of requests.
But observers remained cautious, with Thomas Mathews of Capital Economics warning that Washington was unlikely to “back off completely.” This could weigh on markets.
His tariffs have dented trade, with Beijing data showing Chinese exports to the United States plunged in May.
China is also in talks with partners including Japan and South Korea to try to build a united front countering Trump’s tariffs.
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