US and China trade talks are currently underway in London, following a recent phone call between Presidents Trump and Xi Jin that aimed to de-escalate tensions. These negotiations build on a temporary truce struck in Geneva last month, which saw significant tariff reductions and a 90-day deadline for a more comprehensive deal.

However, new disputes have emerged. Key issues on the table include China's restrictions on rare earth exports, crucial for many industries, and US export controls on advanced technology like semiconductors and AI chips. Beijing has also raised concerns over US revocation of student visas. Both sides have accused the other of breaching the spirit of the Geneva agreement, highlighting the fragile nature of the truce and the complex challenges ahead in resolving their protracted trade war.