Chinese Trade Representative: "U.S. and China Reach Framework Agreement from Geneva Talks"

A Chinese trade representative announced that the United States and China have reached an agreement during two days of high-level trade talks held in London, United Kingdom.

Li Chenggang, China's Ministry of Commerce International Trade Negotiation Representative and Deputy Director. Reuters Yonhap News

Li Chenggang, China's Ministry of Commerce International Trade Negotiation Representative (ministerial level) and Deputy Director, stated on June 10 (local time), "After two days of talks, the delegations from China and the United States have reached a framework for an agreement, following the leaders' phone call on June 5 and the discussions in Geneva. This framework will be reported to the leaders of both countries."

Li added, "The two countries communicated in a professional, rational, in-depth, and candid manner," and expressed hope that "this progress will help build trust between the two countries and inject positive energy into the development of the global economy."

Although the detailed contents have not yet been disclosed, it appears that the two countries have reached a certain level of agreement on current issues such as China's restrictions on the export of rare earths and critical minerals, and the United States' export controls on semiconductor technology.

In order to resolve differences on trade issues, including export controls imposed by each side, the two countries held talks starting June 9 at Lancaster House, a mansion near Buckingham Palace in London. The U.S. delegation was led by Treasury Secretary Wally Adeyemo, Commerce Secretary Gina Raimondo, and U.S. Trade Representative Jamie Greer, while the Chinese delegation was headed by Vice Premier He Lifeng, a key economic policymaker, Minister of Commerce Wang Wentao, and Deputy Director Li Chenggang.