In a later truthful social post, Trump added, “President Xi Jinping and I will work closely together to open up trade with China with the US.” US negotiators on Tuesday night did not announce any major changes to US companies’ access to the Chinese market after the meeting ended.
Additionally, US trade representative Jamieson Greer said no further meetings with Chinese officials were planned. Lutnick and Greer were not even committed to the release of the “framework” they agreed to in London.
Similarly, Chinese officials said that both sides in principle agreed on a consensus on the Geneva Agreement but did not provide specific details.
The London talks came after the US and China accused each other of violating an agreement reached in early May, with the two countries lowering tariffs by 115%. Part of that contract was to ease export restrictions on rare earth minerals and metals, which are important for everyday products such as batteries and automobile production.
The US has repeatedly said that China is lifting these restrictions more slowly than expected. “They were kind of release, but they were much slower than some companies believed to be the best,” Kevin Hassett, director of the National Economic Council, said Monday before trade talks.
China controls the global supply of important rare earth minerals, accounting for more than 70% of mining and 90% of material refining.
China was also opposed to US export controls regarding student visas and luxury computer chips and design programs used in artificial intelligence software. China also opposed potential jet engine tariffs after repatriating the Boeing 737 early in protest.
The Chinese deputy prime minister, who attended the London speech, told state television on Wednesday before Trump’s post that the US should “struggle” to follow the agreement. China said the United States should “show a sincere spirit.”