U.S. and China resume high-stakes trade talks in London
(CNN)- Top U.S. and Chinese officials are meeting in London today in an effort to finalize a long-anticipated trade deal, following a recent phone call between President Donald Trump and Chinese President Xi Jinping. Kevin Hassett, Director of the National Economic Council, expressed optimism about the negotiations, saying, “I’m very comfortable that this deal is about to be closed.” Hassett added that the agreement won’t be finalized with bureaucratic language but with “handshakes.”
Commerce Secretary Howard Lutnick is leading the U.S. delegation, joined by Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. The talks follow last month’s meetings, in which both countries established a framework to continue discussions on economic and trade relations.
The U.S. and China are currently in a 90-day tariff de-escalation period. U.S. duties on Chinese imports have temporarily dropped from 145% to 30%, while China’s tariffs have been lowered from 125% to 10%. Despite the easing, tensions remain high.
President Trump has accused Beijing of violating the agreement, citing continued restrictions on key exports. “We want the rare earths—the magnets that are crucial for cell phones and everything else—to flow just as they did before the beginning of April,” Hassett said.
Meanwhile, Chinese officials blame the U.S. for escalating the conflict by raising tariffs first.
Rep. Yvette Clarke (D-NY), a member of the House Subcommittee on Commerce, Manufacturing, and Trade, criticized the ongoing trade war, calling it “a solution in search of a problem.” She added, “Couple these horrible tariffs with what we’re experiencing domestically, and the American people need relief.”
