U.S., China agree to framework to get trade truce back on track – National

American and Chinese senior negotiators have agreed with a framework Return their trade negotiations on the right track After a series of disputes that threatened to derail them, the two parties said.

The announcement occurred at the end of two days of talks in the British capital which ended on Tuesday evening.

The meetings seemed to focus on the search for a means of resolving disputes on mineral and technological exports which had shaken a fragile truce on trade reached in Geneva last month. It is not clear if progress has been made on the more fundamental differences compared to a trade surplus of China with the United States.

“First, we had to bring out the negativity and now we can go ahead,” US trade secretary Howard Lungick told journalists after meetings.

Asian stock markets increased on Wednesday after the agreement was announced.

The discussions followed a telephone call between President Donald Trump and Chinese chief Xi Jinping last week to try to calm the waters.

Li Chenggang, vice-minister of trade and representative of Chinese international trade, said that the two parties had accepted in principle a framework for implementing the consensus reached on the telephone call and during talks in Geneva, said the official Xinhua news agency.

Further details, including all plans for a next series of potential talks, were not immediately available.

Li and Wang Wentao, Chinese Minister of Commerce, were part of the delegation led by Vice-Minister He Lifeng. They met Lungick, the secretary of the Treasury Scott Bessent and the commercial representative Jamieson Greer in Lancaster House, a 200 -year mansion near the Buckingham Palace.

Wendy Cutler, a former American commercial negotiator, said that disputes had wasted 30 of the 90 days that both parties had to try to solve their disputes.

They agreed in Geneva of a 90 -day suspension of most of the prices of 100% and more that they had imposed themselves in a growing trade war which aroused fears of recession. The World Bank, citing an increase in commercial barriers, reduced its projections on Tuesday for American and global economic growth this year.

“The United States and China have lost precious time to restore their Geneva agreements,” said Cutler, now vice-president of the Asia Society Policy Institute. “Now, there are only sixty days left to solve concerns, including unfair commercial practices, excess capacity, transhipment and fentanyl.”

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Since Geneva talks, the United States and China have exchanged angry words for advanced semiconductors that feed artificial intelligence, visas for Chinese students in American universities and rare land minerals that are vital for car manufacturers and other industries.

China, the world’s largest producer in rare land, said that it could speed up the issuance of export licenses for elements. Beijing, in turn, wants the United States to raise restrictions on Chinese access to technology used to make advanced semiconductors.

Lutnick said that resolving the problem of rare earths is a fundamental element of the agreed framework and that the United States will remove the measures it had imposed in response. He did not specify what measures.

“When they approve of the licenses, you must expect our export implementation to drop too,” he said.

Cutler said it would be unprecedented for the United States to negotiate on its export checks, which it has described as an irritant that China has been raising for almost 20 years.

“In doing so, the United States has opened a door to China to insist on adding export checks to future negotiation programs,” she said.

In Washington, a federal court of appeal agreed on Tuesday to continue to perceive prices that Trump imposed not only on China but also on the other countries of the world while the administration calls for a decision against its signature trade policy.

Trump said earlier that he wanted to “open China”, the world’s dominant manufacturer, to American products.

“If we will not open China, we may not do anything,” Trump told the White House. “But we want to open China.”

–Moritsugu reported to Beijing. The writers of the Associated Press Josh Boak and Paul Wiseman in Washington contributed to this story.

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