High-level U.S. and Chinese delegations convened in London on June 9, 2025, resuming negotiations after a 90-day tariff truce agreed in Geneva. The talks, led by U.S. Treasury Secretary Scott Bessent and Vice-Premier He Lifeng, focused heavily on export controls—especially rare earth minerals and advanced semiconductors—alongside tensions over tariffs, technology access, and visa restrictions. Markets responded with cautious optimism: Asian shares rose, oil held gains, and Asia-Pacific equity indices gained roughly 0.7 to 1.4 percent ahead of and during discussions. Despite upbeat rhetoric and a Trump-Xi phone call signaling renewed engagement, analysts warn the London round is likely to yield only modest agreements—mainly purchasing commitments and export licensing—rather than comprehensive structural reforms. Further rounds are expected later this summer.
