Episode Details

China and the United States have mapped out a framework to implement their previously reached consensus and bring bilateral trade ties to the right track after concluding two days of "candid and in-depth" talks in London, which analysts said would help de-escalate tensions between the world's two largest economies.

While it might still require some patience before a final agreement is reached, analysts said the talks were a good sign in terms of steadying bilateral ties and injecting much-needed certainty into the world economy.

He Lifeng, Chinese vice-premier and lead person for China-US economic and trade affairs, said the US should resolve trade disputes with China through equal dialogue and mutually beneficial cooperation, Xinhua News Agency reported on Wednesday.

He made the remarks during the first meeting under the China-US economic and trade consultation mechanism, which was held in London from Monday to Tuesday with US lead person Treasury Secretary Scott Bessent, US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer.

During the talks, the two sides reached an agreement in principle on implementing the important consensus reached by the two heads of state during their phone call on June 5 and the framework of measures to consolidate the outcomes of the economic and trade talks held last month in Geneva, Switzerland.

The trade talks in Geneva led to a temporary truce where China and the US agreed on a 90-day pause on their triple-digit tariffs to allow further negotiations.

The White House, however, has since announced a range of negative measures with its new nontariff restrictions, including stopping sales of computer chip design software to China, warning against using chips made by Chinese tech company Huawei and canceling visas for Chinese students.

In phone talks held at the request of US President Donald Trump on June 5, President Xi Jinping said the Chinese always honor and deliver what has been promised, urging both sides to make good on the agreement reached in Geneva.

In fact, China has been seriously and earnestly executing the agreement, and the US side should acknowledge the progress already made, and remove the negative measures taken against China, Xi added.

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