On Tuesday, U.S. Treasury Secretary Scott Bessent announced his departure from the ongoing trade negotiations with China, stating that he must return to Washington, D.C., to testify before Congress the following day.
Remaining in London to continue the discussions are Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer, as talks persist following two intensive days of negotiations, according to Bessent.
Lutnick indicated earlier in the day that the two sides were “trying to finish” their discussions by Tuesday evening.
Bessent described the talks as “productive” as he exited the historic Lancaster House, located near Buckingham Palace. He assured that the remaining negotiators would continue their work with the Chinese delegation as necessary.
This meeting marks the second session within the last two months for the two economic giants, who are striving to resolve significant discrepancies amid a turbulent phase in their ongoing trade conflict.
The agenda is expected to focus on negotiating a deal that would alleviate U.S. export restrictions to China in exchange for China’s commitment to liberalize its export of essential minerals known as rare earths.
Conflicts regarding rare earths and export controls arose in the weeks following trade discussions in Geneva, Switzerland, which prompted both sides to temporarily reduce most tariffs on their respective goods.
The Chinese team includes Vice Premier He Lifeng, Commerce Minister Wang Wentao, and leading trade negotiator Li Chenggang.
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