Talks in London aim to clarify recent trade disagreements and revive stalled cooperation.
Senior U.S. and Chinese officials are meeting in London on Monday in an effort to ease tensions in their ongoing trade dispute, with China’s restrictions on critical minerals expected to top the agenda.
The U.K. is hosting the venue but is not directly involved. “We are a nation that champions free trade and have always been clear that a trade war is in nobody’s interests, so we welcome these talks,” a U.K. government spokesperson said.
The talks follow a 34.5% drop in Chinese exports to the U.S. in May, the steepest decline since February 2020, according to CNBC.
Last month in Geneva, the two sides reached a preliminary agreement to suspend most retaliatory tariffs, but both have since accused each other of breaches.
President Donald Trump and President Xi Jinping spoke for 90 minutes last week. Trump said Xi had agreed to resume rare earth exports and called the outcome “a very positive conclusion.”
Stocks in Asia rose ahead of Monday’s discussions.