World

Trade Talks in London End with US-China Plan to Ease Export Controls

By Jake Beardslee · June 11, 2025

Top trade officials from the United States and China have concluded two days of negotiations in London with a provisional agreement to ease escalating trade tensions, particularly concerning rare earth minerals, according to Bloomberg. Both sides say the framework agreement will now be presented to their respective presidents, Donald Trump and Xi Jinping, for final approval.

U.S. Commerce Secretary Howard Lutnick stated that the plan should address restrictions around the export of rare earth elements and magnets, which are critical for technologies like electric vehicles and smartphones. “We have reached a framework to implement the Geneva consensus,” Lutnick said. “Once the presidents approve it, we will then seek to implement it.”

Chinese Vice Commerce Minister Li Chenggang echoed this sentiment, saying, “The two sides have, in principle, reached a framework for implementing the consensus reached by the two heads of state during the phone call on June 5th and the consensus reached at the Geneva meeting.”

The talks followed a prior truce struck in Switzerland last month that saw both countries agree to a 90-day pause on tariff escalations. At the time, Trump called the temporary deal a “total reset.” Under the truce, U.S. tariffs on Chinese imports were reduced to 30 percent. China lowered its own to 10 percent and promised to ease restrictions on key mineral exports.

However, both Washington and Beijing have since accused the other of violating non-tariff aspects of the agreement. The United States claims China has delayed rare earth shipments. China alleges that the U.S. blocked exports of chip design software and revoked visas for Chinese students.

Trade Representative Jamieson Greer noted China had failed to lift restrictions on rare earth magnets. In response, Beijing said it had recently approved some export licenses but did not provide details.

President Trump recently confirmed that Xi had agreed to resume rare earth trade, describing his phone call with the Chinese leader as a “very good talk.”