Kathmandu: A new round of trade negotiations between the United States and China began in central London as both sides seek to ease the ongoing trade war that threatens global economic growth, the BBC reports.
A senior US delegation, including Commerce Secretary Howard Lutnick, met with Chinese officials such as Vice Premier He Lifeng at Lancaster House. Key issues on the agenda include China’s export of rare earth minerals—vital for modern technology—and Beijing’s access to US goods like computer chips.
Last month, the two countries agreed to a temporary tariff truce following talks in Geneva, but both sides have accused each other of violating the deal since then. The current talks follow a recent phone call between US President Donald Trump and Chinese President Xi Jinping, described by Trump as a “very good talk” that ended positively.
Despite reduced tariffs, disagreements remain over non-tariff barriers, especially restrictions on rare earth exports and US limitations on Chinese access to semiconductor technology. China has also faced US warnings regarding tech giant Huawei and visa cancellations for Chinese students.
Economists warn that escalating trade tensions have already slowed global growth, with the OECD revising down its forecast to 2.9% due to rising trade barriers.
China’s May export data showed slower growth than expected, underscoring economic pressures amid the dispute.
Source: BBC