Trade breakthrough: US, China agree on 'framework' to ease trade tensions; 'we feel positive'

The United States and China have agreed on a framework to move forward on trade, marking a potential turning point in the prolonged 'trade war' between the two nations. The announcement came after two days of talks at London’s Lancaster House.“We have reached a framework to implement the Geneva consensus,” said US Commerce Secretary Howard Lutnick. While the plan still requires approval from both presidents, Lutnick expressed confidence that issues such as rare earth exports would be resolved. “Once the presidents approve it, we will then seek to implement it,” he said.US Trade Representative Jamieson Greer said the US was moving “as quickly as we can,” adding: “We feel positive about engaging with the Chinese.”“I think the talks are going really, really well,” Lutnick told reporters during the discussions, which lasted nearly 20 hours. “Everybody’s got their head down working closely.”Talks resumed in London after President Donald Trump and President Xi Jinping spoke by phone last week, attempting to put relations back on track. Trump said he wants to “open up China” to US products, warning, “If we don’t open up China, maybe we won’t do anything.”China’s lead negotiator Li Chenggang confirmed both sides would now consult their respective leaders.