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Top officials from the United States and China will meet in London next week for a new round of high-stakes trade negotiations aimed at easing tensions and advancing a fragile agreement struck last month in Geneva.
Some shit you should know before you read: If you’re unaware, a few weeks back the United States and China reached a temporary trade agreement during high-level talks in Geneva, following months of escalating tit-for-tat tariffs that had severely strained economic ties between the world’s two largest economies. As part of the Geneva deal, the US agreed to lower its tariffs on Chinese goods from 145% to 30%, while China reduced its tariffs on American imports from 125% to 10%. However, tensions quickly reignited as both nations accused each other of breaching the terms of the truce. The US claimed Beijing was deliberately slow-walking its commitment to resume rare earth mineral exports critical to American industries. In turn, China condemned the US for issuing fresh warnings to the chip industry about using Chinese semiconductors and for revoking visas of Chinese students, moves Chinese officials argued undermined the spirit of the agreement.
What’s going on now: In a notable development, the United States and China confirmed they will hold a new round of trade talks in London next week, led by top officials from both governments. Representing the US will be Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer. Their Chinese counterparts have not been officially named, but the talks are expected to center on enforcing tariff rollback commitments, reopening rare earth mineral exports, easing visa restrictions, and stabilizing semiconductor supply chains.
The London meeting was arranged following a 90-minute phone call between President Donald Trump and Chinese President Xi Jinping, which both sides described as productive but revealed contrasting narratives. Trump stated that the conversation focused “almost entirely” on trade, emphasizing a mutual desire to resolve disputes over tariffs and rare earth exports. He also announced that Xi had invited him and First Lady Melania Trump to visit China (an invitation Trump said he accepted). Xi, in contrast, highlighted the need for the US to withdraw what he called “negative measures,” and urged Washington to respect China’s core concerns, particularly over Taiwan and technology restrictions.
Both leaders also agreed to move forward based on the framework of the Geneva accord. China pledged to resume exports of critical rare earth elements that had become a flashpoint. The US, meanwhile, agreed to proceed with the reduced tariff rates and expressed openness to easing certain restrictions, pending China’s compliance.
