‘Consensus reached on Geneva framework,’ say US, China officials

The United States and China have reached a preliminary agreement on a framework to ease trade tensions, based on the consensus established during talks in Geneva, according to negotiators from both countries, Bloomberg reported.

“We have reached a framework to implement the Geneva consensus,” US Commerce Secretary Howard Lutnick told reporters in London.

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This comes after nearly 20 hours of talks held over two days in a Georgian-era mansion near Buckingham Palace, China’s chief trade negotiator Li Chenggang stated that both the US and Chinese delegations will now present the proposed framework to their respective leaders for further consideration.

“Once the presidents approve it, we will then seek to implement it,” Lutnick added.

Moreover, US Trade Representative Jamieson Greer said there were no other meetings scheduled, but added that the American and Chinese sides talk frequently and are able to do so whenever they need, according to a report by Bloomberg. 

Following nearly 20 hours of talks held over two days in a Georgian-era mansion near Buckingham Palace, China’s chief trade negotiator Li Chenggang stated that both the US and Chinese delegations will now present the proposed framework to their respective leaders for further consideration.

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U.S. Treasury Secretary Scott Bessent earlier called the high-stakes trade talks “productive,” despite leaving London before negotiations concluded due to scheduling conflicts. According to a US official speaking to AFP, Bessent returned to Washington to testify before Congress.

The U.S. delegation was led by Bessent alongside Lutnick and Greer, while the Chinese side was headed by Vice Premier He Lifeng, joined by chief negotiator Li Chenggang and Commerce Minister Wang Wentao.

This time, China's exports of rare earth minerals -- used in a range of things including smartphones, electric vehicle batteries and green technology -- were a key issue on the agenda.

"In Geneva, we had agreed to lower tariffs on them, and they had agreed to release the magnets and rare earths that we need throughout the economy," US President Donald Trump's top economic adviser, Kevin Hassett, told CNBC on Monday.

(With inputs from agencies)