Officials are expected to meet again on Tuesday at 10am local time, a source familiar with the matter told CNN, continuing talks held Monday at the ornate Lancaster House near Buckingham Palace.
At the White House, Trump said he is “only getting good reports” about the discussions. “We are doing well with China. China’s not easy,” he said Monday. “We want to open up China.”
Speaking after the end of the first day of talks, Bessent told reporters they had a “good meeting” and Commerce Secretary Howard Lutnick called the discussions “fruitful,” according to Chinese state-run broadcaster CGTN.
In London, Bessent, Lutnick and Trade Representative Jamieson Greer represent the Trump Administration. The Chinese delegation is led by Vice Premier He Lifeng, Commerce Minister Wang Wentao and the chief trade negotiator of the ministry, Li Chenggang.
In May, the two sides agreed to drastically roll back tariffs on each other’s goods for an initial 90-day period. The mood was upbeat. However, sentiment soured quickly over two main sticking points: China’s control over so-called rare earths minerals and its access to semiconductor technology originating from the US.
Experts say Beijing is unlikely to give up its strategic grip over the essential minerals, which are needed in a wide range of electronics, vehicles and defense systems.
“China’s control over rare earth supply has become a calibrated yet assertive tool for strategic influence,” Robin Xing, Morgan Stanley’s chief China economist, wrote in a Monday research note. “Its near-monopoly of the supply chain means rare earths will remain a significant bargaining chip in trade negotiations.”
Since the talks in Geneva, Trump has accused Beijing of effectively blocking the export of rare earths, announcing additional chip curbs and threatening to revoke the US visas of Chinese students. The moves have provoked backlash from China, which views Washington’s decisions as reneging on its trade promises.