The anticipated meeting between U.S. and Chinese officials in London on June 9, 2025, has generated significant interest regarding the potential conclusion of a trade deal. President Trump confirmed that key figures from both nations will participate, including U.S. Secretary of the Treasury Scott Bessent and Chinese Vice Premier He Lifeng . The high-level nature of this meeting underscores the importance placed on resolving ongoing trade tensions that have persisted for several years.
Hassett said “Face the Nation” come after President Donald Trump said last week that he had a “very good” conversation with Chinese leader Xi Jinping and that talks with China are “very far advanced.”
Hassett said the United States is looking to restore the flow of “crucial” rare earth minerals, which are used in the manufacturing of electronics, to the same levels before early April, when the US-China trade war escalated.
“Those exports of critical minerals have been getting released at a rate that is higher than it was, but not as high as we believe we agreed to in Geneva,” Hassett said.
Commerce Secretary Howard Lutnick will lead the negotiations in London, along with Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer, who in May led a weekend of the trade talks in Geneva.
It brought US tariffs on Chinese products down to 30%, while Beijing slashed levies on US imports to 10% and promised to lift barriers on critical mineral exports.
The US had suspended sales of some technology to China including semiconductors while Beijing had restricted exports of rare earth minerals and magnets.
Swetha Ramachandran, fund manager at Artemis, Today programme that the inclusion of Lutnick in the talks was a "welcome addition" since he was "behind some of the very harsh export controls of technology to China".
"And some of the focus certainly seems to be on rare earths where China, of course, has dominance in terms of producing," she said.
"They mine 69% of the rare earths globally that are quite essential to technology development in the US so I think there are enough chips on the table here that could make it acceptable for both sides to walk away with desired outcomes."
Trump's economic advisor has conveyed a sense of confidence in reaching a conclusive trade deal during this round of talks. The advisor's optimism is rooted in recent dialogues that suggest both parties are willing to make concessions . This development is particularly noteworthy given the complexities inherent in U.S.-China trade negotiations, which have historically been fraught with challenges and setbacks. The potential resolution of these issues could herald a new era of economic collaboration between two of the world’s largest economies.
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