Some positive news out of the US-China trade talks in London. The framework agreement reached depends on Trump approving it. I can’t see why not, unless he is one of his moods.
Bolding is mine, looks positive, but it is clear its not yet a trade deal. Still, have to start somewhere, right?:
U.S. Commerce Secretary Lutnick speaking after trade discussions with China:
- We have reached a framework to implement the Geneva Consensus
- Combined Geneva Consensus with outcome from leaders call on June 5
- We’re going to go back and see if Trump approves it
- If approved we’ll implement
- Says Xi and Trump call changed outcome
U.S. Trade Representative Greer:
- focussed on full compliance
- We don’t have another meeting scheduled, but parties will be in contact tomorrow and the next day
- We are in constant contact with China
U.S. Commerce Secretary Lutnick:
- Idea behind all this is to increase our trade with China
- Framework is first step, we had to get the negativity out
U.S. Trade Representative Greer:
- We’re moving as quickly as we can
- We feel positive about engaging with the Chinese
- Up to President whether deadline gets extended
- Expect to see progress from China on fentanyl
U.S. Commerce Secretary Lutnick:
- we expect that rare earth and magnets issues will be resolved in this
- When they approve the licenses then you should expect our export implementation to come down again
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Earlier:
- Chinese Vice Commerce Minister Li Chenggang says talks with US on trade rational, candid
- US Treasury Secretary Bessent says trade talks with China will continue
This article was written by Eamonn Sheridan at www.forexlive.com.