🇺🇸🇨🇳 The United States and China have agreed in principle on a framework for a new trade deal after two days of negotiations in London.

Next steps:

- Mr. Trump and Mr. Xi need to formally approve the agreement by the end of the month; otherwise, the tax rates will revert to previous levels in mid-August (around August 10, 2025).

- The parties have 60 days to finalize technical details and enforcement mechanisms before the current tax exemption deadline is temporarily extended until around mid-August.