The United States and China have reached a preliminary agreement on a trade framework following two days of talks in London. This development follows a previous 90-day tariff pause between the two nations. Commerce Secretary Howard Lutnick emphasized that the agreement requires the approval of President Trump and President Xi Jinping before implementation. The discussions were characterized as professional and candid by Chinese officials, leading to optimism in Asian stock markets which reacted positively to this de-escalation in trade tensions. The World Bank's lowered global growth forecast reflects ongoing trade uncertainties.
Negotiators revealed an agreement would be presented to Presidents Trump and Xi for approval, marking a potential resolution to ongoing trade tensions.
U.S. Commerce Secretary said that after reaching a framework, they would implement it once the presidents approve, which signals a cooperative effort ahead.
The talks were deemed 'professional and candid' by China's Vice Commerce Minister, indicating a hopeful shift in U.S.-China trade relations following extensive negotiations.
Markets reacted positively to news of trade talks, with stock prices rising amidst ongoing uncertainty, reflecting a cautious optimism about economic stability.
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