U.S., China hold trade talks in London

The first meeting of the China-U.S. economic and trade consultation mechanism opened in London on Monday, Xinhua news agency reported.

Chinese Vice Premier He Lifeng attended the meeting with U.S. representatives.

U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer are representing the U.S. at the talks aimed at resolving an ongoing trade dispute between the world’s two largest economies, according to CNBC.

Diplomatic efforts by both sides have ramped up after weeks of heightened trade tension and uncertainty after Trump announced sweeping import tariffs on China and other trading partners in April, CNBC reported.

Beijing retaliated, and a tit-for-tat escalation in duties ensued before both sides agreed in Geneva in May to temporarily slash duties for 90 days and to facilitate talks. At the time, the U.S. tariff on Chinese imports was cut from 145% to 30%, while China’s levies on U.S. imports were lowered from 125% to 10%, CNBC reported.

China and the U.S. have since repeatedly accused each other of violating the Geneva agreement, with Washington saying Beijing was slow to approve the export of additional critical minerals to the U.S., while China criticized the U.S. imposing new restrictions on Chinese student visas and additional export restrictions on chips, according to CNBC.

White House Press Secretary Karoline Leavitt on Sunday said that the London talks would focus on moving forward with the Geneva agreement, noting the two sides’ strategic interests in each other’s markets, according to CNBC.