China, US agree on plan to ease trade tensions after talks in London

ISTANBUL

China and the US have agreed on a framework and implementation plan after two days of trade talks in the UK, China’s top trade envoy Li Chenggang said late Tuesday.

“The two sides agreed, in principle, the framework for implementing the consensus of the two heads of state in their firm call on the 5th of June, as well as the consensus of the meeting in Geneva,” Li told journalists in London.

He said both sides will report back to their leaders on the talks and the framework reached in the UK.

Li said the Chinese and US teams worked “very diligently” and had “very in-depth exchanges” over the past few days, adding that their communication was “very professional, rational, in-depth and candid.”

He expressed hope that the progress in the talks is “conducive to increasing trust” between the two countries, to promote stable trade and economic relations, and contribute positively to global economic development.

A new round of trade talks between the US and China aiming to reach a deal started on Monday in London.

The talks were expected to revolve around China's restrictions on exports of rare earths to the US and Washington's restrictions on some tech exports to China as well as the dispute over tariffs.

The meeting followed US President Donald Trump's phone conversation with Chinese President Xi Jinping last week, with Trump saying later that the conversation "resulted in a very positive conclusion for both countries."

The two sides are aiming to build on a May 12 deal struck in Geneva, when they agreed to a 90-day suspension of most duties and to roll back measures imposed since early April after Trump announced "reciprocal" tariffs on US trading partners.

The two sides have accused each other of breaching their deal in recent weeks.