Some positive news out of the US-China trade talks in London. The agreement reached depends on Trump apprioving it. I can;t see why not, unless his is one of his moods.
Bolding is mine, looks positive, but it is clear its not yet a trade deal. Still, have to start somewhere, right?:
U.S. Commerce Secretary Lutnick speaking after trade discussions with China:
We have reached a framework to implement the Geneva ConsensusCombined Geneva Consensus with outcome from leaders call on June 5We’re going to go back and see if Trump approves itIf approved we’ll implementSays Xi and Trump call changed outcome
U.S. Trade Representative Greer:
focussed on full complianceWe don’t have another meeting scheduledWe are in constant contact with China
U.S. Commerce Secretary Lutnick:
Idea behind all this is to increase our trade with ChinaFramework is first step, we had to get the negativity out
U.S. Trade Representative Greer:
We’re moving as quickly as we canWe feel positive about engaging with the ChineseUp to President whether deadline gets extended
U.S. Commerce Secretary Lutnick:
we expect that rare earth and magnets issues will be resolved in thisWhen they approve the licenses then you should expect our export implementation to come down again
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Earlier:
Chinese Vice Commerce Minister Li Chenggang says talks with US on trade rational, candidUS Treasury Secretary Bessent says trade talks with China will continue
This article was written by Eamonn Sheridan at www.forexlive.com.