With a mission to ease the escalating trade war, US President Donald Trump and Chinese President Xi Jinping are back together, opening a new chapter in trade relations through crucial talks in London on Monday.
The meeting comes after the failure of an interim agreement in Geneva last month, reigniting tensions after the US accused China of delaying shipments of rare earth exports that are critical components in the US automotive, semiconductor and military industries.
The talks, which saw the US delegation led by Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, while China was represented by Vice Premier He Lifeng, were seen as a key moment — a ‘total reset’ of the trade tensions that had been simmering for years.
The presence of Lutnick, who also oversees export control policy, suggests that the issue will be a major focus.
The talks come after a tumultuous week between the two countries following the first phone call between Trump and Xi since January, China's pledge to resume rare earth exports, and a rebound in the US stock market.
Today's meeting is seen as a last chance to cement a trade truce between the world's two largest economies — or see the return of a larger trade war.
