Donald Trump said new high-level trade talks will be held between the United States and China as Washington and Beijing act quickly to stabilize their harmful economic relations.
The U.S. president announced details of the negotiations the day after a call with Chinese President Xi Jinping, during which the two leaders agreed to try to mitigate the trade war that had been shocking financial markets.
Trump announced on Friday's Truth Social Post that Treasury Secretary Scott Bessent, Business Howard Lutnick and U.S. Trade Representative Jamieson Greer will be in London on June 9 with "China Representative, involving trade agreements." "The meeting should be very good. Thank you for your attention to this matter!"
The Chinese Embassy in Washington did not immediately respond to a request for comment on London's planned speech.
The planned meeting in London next week comes more than two months after Trump's "Liberation Day" tariffs, releasing a tax escalation among the world's largest economies, with a rate of up to 145%. Last month, in Geneva, Bessent reached a deal on behalf of Trump to reduce tariffs on each other when markets strongly object to it and fear serious damage to global supply chains.
But even after the Swiss armistice, tensions between the United States and China remain high. Some of the most famous crux of the agenda in London negotiations, such as rare earth exports and trade, including semiconductors.
A new round of talks in the British capital will reassure investors, indicating that Washington and Beijing’s desire not to completely undermine economic relations.
During the Biden administration and during Trump’s first administration, periods of economic friction between the United States and China were often through similar periods of ministerial talks and transactions.
In their phone calls, Trump and Xi also agreed to visit each other's countries, but did not have any dates of settlement.
Wall Street held talks on Friday. The S&P 500's previous yields rose at the meeting, up 1% in afternoon trading.