China and the United States have reached an agreement in principle on a framework to implement key trade and economic consensus points previously established between the two heads of state, according to a senior Chinese official. The agreement follows a new round of high-level consultations held in London.
The announcement was made by Chinese Vice Minister of Commerce and International Trade Representative Li Chenggang after the inaugural session of the newly established China-U.S. economic and trade consultation mechanism.
“Over the last couple of days, the Chinese and U.S. teams have had in-depth exchanges. Our communication has been very professional, rational, in-depth and candid,” Li said, noting that both delegations agreed in principle on how to move forward on the consensus reached during the June 5 phone call between Chinese President Xi Jinping and U.S. President Donald Trump, as well as previous talks in Geneva.
Aiming for Stability and Trust
The London discussions, part of ongoing efforts to defuse trade tensions, come just weeks after the Geneva meeting where both nations temporarily agreed to suspend certain triple-digit tariffs. That suspension is expected to expire in early August, putting pressure on both sides to make progress.
Vice Minister Li expressed optimism about the outcome of the London talks, stating that it could contribute significantly to rebuilding mutual trust and stabilizing bilateral trade relations.
“We hope that the progress we made in this London meeting is conducive to increasing trust between China and the United States, to further promote stable and sound development of China-U.S. trade and economic relations, and to inject positive energy into world economic development,” he said.
High-Level Representation Reflects Diplomatic Urgency
Both countries dispatched senior economic officials to the London meeting. The U.S. delegation included Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer. China was represented by Vice Premier He Lifeng, Commerce Minister Wang Wentao, and chief trade negotiator Li Chenggang.
“So I think both sides had extra impetus in order to get things done, because we both have our presidents behind us, pushing us to make sure we take care of our respective sides,” said Commerce Secretary Lutnick.
The renewed commitment by both governments follows a pivotal phone call between Presidents Xi and Trump, which reportedly smoothed the path for this round of diplomatic trade engagement.
Eyes on August Deadline
With just weeks before the tariff suspension expires, stakeholders across global markets are closely watching for tangible progress. The framework now agreed in principle is expected to be reported back to respective national leaders for further refinement and eventual implementation.
As the world’s two largest economies navigate a fragile détente, the London agreement may serve as a key inflection point one that could determine whether cooperation or confrontation will define the next phase of China-U.S. economic relations.
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