US and China reach trade deal - Countries aim to strengthen bilateral trust after talks in London
China and the United States agreed in principle to implement the consensus reached by the leaders of the two countries during their phone call on June 5.
Chinese Vice Minister of Commerce Li Chenggang, who is also the international trade representative for the Asian country, announced the pact after the parties met in London.
"Over the past two days, the Chinese and US teams have held numerous talks. Our communication has been very professional, rational, in-depth and sincere. The two sides agreed in principle on the framework for implementing the consensus of the two heads of state in their phone call on June 5, as well as the consensus of the Geneva meeting," he said.
Li hopes that the progress achieved in London will help strengthen trust between the two nations and promote the sustainable and healthy development of their economic and trade ties.
"Both sides will bring and report to our respective leaders the outcome of the talks at the meeting, as well as the framework reached in principle. We hope that the progress will further promote the sustainable development of China-US trade and economic relations, as well as inject positive energy into world economic development," he said.
After talks in Geneva last month, the world's two largest economies agreed to temporarily lower the three-digit tariffs, but the temporary ban is set to expire in early August.
A phone call between Chinese President Xi Jinping and US President Donald Trump last week paved the way for this round of high-level trade talks.
"I think both sides had a greater drive to get results, with our presidents urging us to take care of our respective countries," Commerce Secretary Howard Lutnick said.
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