#USChinaTradeTalks • London talks at Lancaster House

U.S. delegations led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Rep. Jamieson Greer have commenced ministerial-level talks with China’s Vice‑Premier He Lifeng in London, building on a tentative Geneva truce from May .

• 90‑day tariff suspension at the heart

Since May 12, both nations have paused steep tariffs (145 % → 30 % U.S., 125 % → 10 % China) as they sort a broader deal . This temporary truce lasts until early August and is critical to these negotiations.

• Rare earths & export controls in focus

The U.S. is pressing China to resume and streamline licensing for rare-earth mineral exports, essential for EVs, semiconductors, and defense tech. Meanwhile, China is pushing back for eased U.S. export controls on jet engines, software, and advanced materials .

• Trade collapse and market impact

In May, Chinese exports to the U.S. dropped by ~34–35 % YoY—the steepest since early 2020—though China redirected shipments to Southeast Asia and the EU . Financial markets reacted positively after the Geneva truce, with tech stocks and the Nasdaq rallying while yields fell .