Top U.S. and Chinese officials are set to meet in London on Monday to revive trade negotiations, aiming to ease escalating tensions that have extended beyond tariffs to include export controls on vital global supply chain components. The talks follow a preliminary deal reached in Geneva last month, which temporarily reduced tariffs and boosted investor confidence.
The U.S. delegation includes Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer. China will be represented by Vice Premier He Lifeng. The inclusion of Lutnick, who oversees export controls, highlights how critical the issue has become.
The meeting follows a phone call between President Trump and Chinese President Xi Jinping—their first direct communication since Trump’s return to office in January. Xi reportedly urged Trump to ease off trade measures and avoid provocative actions regarding Taiwan. Trump later described the conversation as “very positive” and announced that China had agreed to resume shipments of rare earth minerals to the U.S., which are crucial to industries like automotive, aerospace, and defense.
The preliminary Geneva agreement, which included a 90-day tariff rollback, had sparked a global stock market rally. The S&P 500, once down nearly 18%, has recovered to within 2% of its all-time high. However, U.S. officials have accused China of delaying implementation of key commitments, particularly rare earth exports.
White House spokeswoman Karoline Leavitt emphasized the need for China to fully comply with the Geneva deal, hoping this round of talks will lead to broader and more lasting trade solutions. While the UK is hosting the meeting, it will not participate directly, though separate discussions with Chinese officials are expected later this week.