U.S., China agree on 'framework' to implement trade deal aft

Dow Jones NewsJun 11, 1:22 AM UTC

MW U.S., China agree on 'framework' to implement trade deal after two days of talks in London

 

By Mike Murphy

 

After months of rising tensions, U.S. and Chinese negotiators have agreed to implement a "framework" on agreements that have been reached on trade, officials said late Tuesday.

 

Following two days of high-level talks in London, U.S. Commerce Secretary Howard Lutnick told reporters that "We have reached a framework to implement the Geneva consensus," referring to previous negotiations last month in Switzerland, in which both countries agreed to a 90-day pause on the harshest tariffs against each other's imports.

 

According to Reuters, China's Vice Commerce Minister Li Chenggang also told reporters that "The two sides have, in principle, reached a framework for implementing the consensus" reached in Geneva, as well as in a conversation last week between President Donald Trump and China's President Xi Jinping.

 

Lutnick told reporters that the framework will be implemented if it's approved by both Trump and Xi.

 

Details of the framework were not immediately available, but Lutnick said it should resolve issues concerning rare earth minerals.

 

The U.S. and China had accused each other of violating the Geneva agreement settled on in May, raising fears that the deal could fall apart.

 

Earlier Tuesday, Lutnick had told reporters that the talks were "going really, really well." Treasury Secretary Scott Bessent left the talks earlier in the day in order to testify before Congress on Wednesday.

 

Investors have been awaiting news from the talks, in hopes that a deal would end the tariff-hiking brinksmanship of recent months. But the announcement did little to immediately boost U.S. stock futures, with Dow Jones Industrial Average futures (YM00) down slightly, as were S&P 500 futures (ES00) and Nasdaq-100 futures (NQ00), following a day of gains on Wall Street.

 

-Mike Murphy

 

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06-10-25 2122ET

 

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