The United States and China have agreed to a “framework” that is intended to ease economic tension and extend a trade truce that the world’s two largest economies reached last month, officials from both countries said on Tuesday.
After two days of marathon negotiations in London, top economic officials from the United States and China are now expected to present the new framework to their leaders, President Trump and President Xi Jinping, for final approval.
The agreement is intended to solidify terms of a deal that the United States and China reached in Switzerland in May that unraveled in recent weeks. Howard Lutnick, the commerce secretary who was part of the negotiating team, said that American concerns over China’s restrictions on exports of rare earth minerals and magnets had been resolved.
“We have reached a framework to implement the Geneva consensus,” Mr. Lutnick told reporters in London.
He added that Mr. Trump and Mr. Xi will be briefed on the agreement before it is implemented.
“They were focused on trying to deliver on what President Xi told President Trump,” Mr. Lutnick said. “I think both sides had extra impetus to get things done.”
Mr. Greer said that the discussions were also focused on ensuring compliance with what was agreed in Geneva about rare earth mineral exports and tariffs. He said that the two sides would continue to be in regular contact as they attempt to work through their economic disagreements.
China’s vice commerce minister, Li Chenggang, said that the talks were professional, reasonable, substantive and candid, according to Chinese state media.
Treasury Secretary Scott Bessent, who had led the American delegation, departed the talks late Tuesday evening in order to return to Washington for congressional hearings on Wednesday. On the Chinese side, the negotiations were led by He Lifeng, the vice premier in charge of economic policy.
The two sides were seeking a resolution to painful economic measures they had imposed on one another in recent months. After Mr. Trump ratcheted up tariffs on Chinese goods in April, Beijing clamped down on exports of critical minerals and magnets, threatening to shut down operations by American manufacturers, defense contractors and others.
In a meeting in Geneva last month, United States and Chinese officials agreed to roll back tariffs and other retaliatory measures. But Trump administration officials were dismayed when Chinese shipments of the rare earth minerals, and the magnets made with them, remained infrequent, and they accused China of violating its agreement in Geneva.
U.S. officials responded by clamping down on exports of American products and technology to China, including software for making semiconductors, gases like ethane and butane, and nuclear and aerospace components. U.S. officials also proposed barring Chinese students from enrolling in the United States.
The Chinese government denied that its rare earth measures are targeted at the United States, and said that American officials were the ones who broke the agreement made in Geneva.
This week, officials met at Lancaster House in London to try to restore their truce. The talks came just days after President Trump held a 90-minute phone call with Xi Jinping, the Chinese leader — the first time the two heads of state had spoken directly since Mr. Trump returned to office in January.
Alan Rappeport is an economic policy reporter for The Times, based in Washington. He covers the Treasury Department and writes about taxes, trade and fiscal matters.
Ana Swanson covers trade and international economics for The Times and is based in Washington. She has been a journalist for more than a decade.
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