US Commerce Secretary Howard Lutnickdescribed the outcome as adding "meat on the bones" of the previousGeneva understanding, which had stumbled over China’s continued curbs on rareearth exports.
“We have reached a framework toimplement the Geneva consensus and the call between the two presidents,”Lutnick said at a late-night press briefing in London. “If approved, we willthen implement the framework.”
Notably, Trump's shifting tariffpolicies had rattled global markets and disrupted supply chains, with the WorldBank this week lowering its 2025 global growth forecast to 2.3%, citinginstability as a key risk.
“They are back to square one,” saidJosh Lipsky of the Atlantic Council’s GeoEconomics Center. “But that’s muchbetter than square zero.”
Both sides have until August 10 tofinalize a broader accord. Without a deal, tariffs could snap backsharply—rising from around 30% to 145% on US imports from China, and from 10%to 125% on Chinese imports from the US.
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