The United States and China are set to resume high-level tradeon Monday, June 9,
President Donald Trump announced this development following a 90-minute phone conversation with Chinese President Xi Jinping, during which both leaders expressed a desire to ease ongoing trade tensions.
The U.S. delegation will include Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer. While the Chinese delegation’s composition has not been disclosed, key issues on the agenda are expected to include the reduction of tariffs and the resumption of Chinese exports of rare earth minerals to the U.S.
Rare earth minerals are critical components in various industries, including automotive, defense, and technology sectors. China currently dominates the global supply chain for these minerals, accounting for a significant portion of production and refining capacity. President Trump indicated that President Xi agreed to restart the flow of these minerals to the U.S., although this has not been officially confirmed by Chinese authorities.
The upcoming talks follow a recent agreement in Geneva where both nations consented to reduce retaliatory tariffs, with the U.S. lowering duties to 30% and China to 10%. Despite this truce, significant issues like rare earth exports and advanced technology trades remain contentious and will be key topics in London.
The announcement of the London meeting has positively impacted U.S. financial markets, with the S&P 500 and Nasdaq both closing higher. Investors are hopeful that the negotiations will lead to a more stable trade relationship between the two largest economies.
