London, June 11, 2025 - Chinese and U.S. officials announced an agreement on a "framework" to de-escalate trade tensions following two days of discussions in London. Details remain limited, but the agreement could ease pressure on global supply chains.
U.S. Commerce Secretary Howard Lutnick stated that the framework outlines a path to implement the consensus reached in Geneva in mid-May. The agreement aims to significantly reduce tariffs that had previously escalated.
The framework is expected to resolve issues surrounding Chinese restrictions on rare-earth mineral exports. Secretary Lutnick also indicated that some U.S. export controls might be relaxed "in a balanced way."