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| Tariffs: US and China set to meet for trade talks in London | Tariffs: US and China set to meet for trade talks in London |
| (about 3 hours later) | |
| A new round of talks aimed at resolving a trade war between the US and China is set take place in London on Monday. | A new round of talks aimed at resolving a trade war between the US and China is set take place in London on Monday. |
| US President Donald Trump announced on Friday that a senior US delegation would meet Chinese representatives. Over the weekend, Beijing confirmed that Vice Premier He Lifeng will attend the talks. | US President Donald Trump announced on Friday that a senior US delegation would meet Chinese representatives. Over the weekend, Beijing confirmed that Vice Premier He Lifeng will attend the talks. |
| The announcements came after Trump and China's leader Xi Jinping had a phone conversation last week, which the US president described as a "very good talk". | The announcements came after Trump and China's leader Xi Jinping had a phone conversation last week, which the US president described as a "very good talk". |
| Last month, the world's two biggest economies agreed a temporary truce to lower import taxes on goods being traded between them, but since then both countries have accused the other of breaching the deal. | Last month, the world's two biggest economies agreed a temporary truce to lower import taxes on goods being traded between them, but since then both countries have accused the other of breaching the deal. |
| Trump said US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer would meet Chinese officials in London on Monday. | |
| On Saturday, China's foreign ministry said Vice Premier He would be in the UK between 8 and 13 June, and that a meeting of the "China-US economic and trade mechanism" would take place. | On Saturday, China's foreign ministry said Vice Premier He would be in the UK between 8 and 13 June, and that a meeting of the "China-US economic and trade mechanism" would take place. |
| The new round of negotiations came after Trump said his phone conversation with Xi on Thursday mainly focused on trade and had "resulted in a very positive conclusion for both countries". | The new round of negotiations came after Trump said his phone conversation with Xi on Thursday mainly focused on trade and had "resulted in a very positive conclusion for both countries". |
| According to Chinese state news agency Xinhua, Xi told Trump that the US should "withdraw the negative measures it has taken against China". | According to Chinese state news agency Xinhua, Xi told Trump that the US should "withdraw the negative measures it has taken against China". |
| The call was the first time the two leaders had spoken since the trade war erupted in February. | The call was the first time the two leaders had spoken since the trade war erupted in February. |
| When Trump announced sweeping tariffs on imports from a number of countries earlier this year, China was the hardest hit. Beijing responded with its own higher rates on US imports, and this triggered tit-for-tat increases that peaked at 145%. | When Trump announced sweeping tariffs on imports from a number of countries earlier this year, China was the hardest hit. Beijing responded with its own higher rates on US imports, and this triggered tit-for-tat increases that peaked at 145%. |
| In May, talks held in Switzerland led to a temporary truce that Trump called a "total reset". | In May, talks held in Switzerland led to a temporary truce that Trump called a "total reset". |
| It brought US tariffs on Chinese products down to 30%, while Beijing slashed levies on US imports to 10% and promised to lift barriers on critical mineral exports. | It brought US tariffs on Chinese products down to 30%, while Beijing slashed levies on US imports to 10% and promised to lift barriers on critical mineral exports. |
| The US had suspended sales of some technology to China including semiconductors while Beijing had restricted exports of rare earth minerals and magnets. | |
| Swetha Ramachandran, fund manager at Artemis, told the BBC's Today programme that the inclusion of Lutnick in the talks was a "welcome addition" since he was "behind some of the very harsh export controls of technology to China". | |
| "And some of the focus certainly seems to be on rare earths where China, of course, has dominance in terms of producing," she said. | |
| "They mine 69% of the rare earths globally that are quite essential to technology development in the US so I think there are enough chips on the table here that could make it acceptable for both sides to walk away with desired outcomes." | |
| The agreement made in May gave both sides a 90-day deadline to try to reach a trade deal. | |
| The latest data released by Bejing on Monday showed China's exports in May were lower than analysts expected, despite the truce. | The latest data released by Bejing on Monday showed China's exports in May were lower than analysts expected, despite the truce. |
| China's exports in dollar terms increased by 4.8% compared to the same time last year. | China's exports in dollar terms increased by 4.8% compared to the same time last year. |
| At the same time imports dropped by 3.4%, which was much worse than the 0.9% fall predicted. | At the same time imports dropped by 3.4%, which was much worse than the 0.9% fall predicted. |
| US President Donald Trump and Chinese President Xi Jinping agreed to reduce reciprocal tariffs in May | US President Donald Trump and Chinese President Xi Jinping agreed to reduce reciprocal tariffs in May |
| But since then, relations appeared to have soured. Last month, Trump said China had "totally violated its agreement with us", and then a few days later China said the US had "severely violated" the agreement. | But since then, relations appeared to have soured. Last month, Trump said China had "totally violated its agreement with us", and then a few days later China said the US had "severely violated" the agreement. |
| The US accused China of failing to restart shipments of critical minerals and rare earth magnets vital to car and computer industries. | The US accused China of failing to restart shipments of critical minerals and rare earth magnets vital to car and computer industries. |
| On Saturday, the Chinese Ministry of Commerce said it had approved some applications for rare earth export licences, although it did not provide details of which countries involved. | On Saturday, the Chinese Ministry of Commerce said it had approved some applications for rare earth export licences, although it did not provide details of which countries involved. |
| The announcement came after Trump said on Friday that Xi had agreed to restart trade in rare earth materials. | The announcement came after Trump said on Friday that Xi had agreed to restart trade in rare earth materials. |
| Bu speaking on Sunday, White House National Economic Council Director Kevin Hassett told CBS News that "those exports of critical minerals have been getting released at a rate that is, you know, higher than it was, but not as high as we believe we agreed to in Geneva". | Bu speaking on Sunday, White House National Economic Council Director Kevin Hassett told CBS News that "those exports of critical minerals have been getting released at a rate that is, you know, higher than it was, but not as high as we believe we agreed to in Geneva". |