High-level delegations from the United States and China are meeting in London today (Monday) to address ongoing trade tensions and attempt to avert a looming trade war.
This follows a temporary truce established last month in Geneva, which suspended most of the 100 percent-plus tariffs for 90 days.
The US delegation, comprising Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer, is set to engage with a Chinese team led by Vice Premier He Lifeng.
Key issues on the agenda include China's control over rare earth minerals and access to US semiconductor technology.
These discussions are pivotal, as China holds a near-monopoly on rare earth processing, essential for various industries, including electronics and defense.
Despite the truce, both nations have accused each other of violating the agreement, underscoring the fragile nature of their trade relationship.
The talks are especially critical as the potential trade war has already disrupted the global economy, raising fears of a recession.
The meeting follows a positive phone call between US President Donald Trump and Chinese leader Xi Jinping, where both leaders expressed a desire for constructive outcomes.
The outcome of these talks is crucial, as it could significantly impact global economic growth and lead to a more stable trade relationship between the two largest economies in the world.
