- American and Chinese officials met in London for a second day to seek a breakthrough on export controls, aiming to de-escalate trade tensions.
- The US accused China of blocking exports of rare earth minerals critical to the American economy, straining relations despite a preliminary deal in Geneva last month.
- White House economic adviser Kevin Hassett indicated the US is ready to lift export controls on some semiconductors in exchange for China speeding up the delivery of rare earths and magnets.
- Customs data revealed that China's exports to the US plunged 34.5 per cent in May, marking the sharpest drop since the Covid pandemic outbreak.
- Talks were led by US commerce secretary Howard Lutnick, who said talks were “going well”, as well as Scott Bessent, and Jamieson Greer, and their Chinese counterparts, including Vice Premier He Lifeng.
IN FULL
US-China trade talks ‘going well’ as meeting resumes for second day in London
