China’s Vice Premier He Lifeng, the principal negotiator for trade issues with the US, emphasized the importance of Beijing and Washington enhancing their collaboration and avoiding “misunderstandings,” according to reports from Chinese state media.
Following months of escalating tensions, the two leading global powers announced a “general framework” to reconcile trade differences, pending approval from their respective presidents.
This development came at the end of two days of discussions in London, following initial negotiations last month that produced a preliminary agreement to reduce tariffs imposed by one nation on the other.
As reported by the Chinese state broadcaster CCTV, the two nations made “new strides in addressing each other’s economic and trade concerns” during their talks in the UK.
Strengthening Cooperation
He Lifeng remarked that the two sides should continue to broaden their consensus, minimize misunderstandings, and intensify their cooperation.
After the London discussions, US Commerce Secretary Howard Latnik expressed confidence that the concerns regarding access to China’s rare earth materials, a contentious issue between the two countries, would be “resolved.”
Nevertheless, the agreement reached in London now requires the endorsement of Chinese President Xi Jinping and US President Donald Trump, according to negotiators from both sides.
During the negotiations, China asserted that “there must be mutual rapprochement, with binding commitments and actionable steps,” as noted by CCTV.
The two parties “engaged in a sincere and in-depth dialogue,” he explained.
Preliminary Agreement
Beijing and Washington achieved a framework agreement to implement the significant consensus established during a June 5 telephone discussion between the two heads of state, as reported by CCTV.
Rare earths, which are essential for smartphones and electric vehicle batteries, and of which China is a primary global supplier, were a focal point during the London talks, with the US accusing Beijing of delaying their export.
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