First Meeting Of China-U.S. Economic And Trade Consultation Mechanism Held in London, U.S. Side Claims Progress

The first meeting of the China-U.S. economic and trade consultation mechanism took place in London on the 9th. After lengthy talks between senior officials from both countries, discussions were set to continue on the 10th. However, U.S. Treasury Secretary Besant and Commerce Secretary Lutnick, who attended the meeting, told the press upon adjournment that the talks had yielded results. Below is an on-the-ground observation report from a Phoenix correspondent in London.
 

The Chinese delegation, led by Vice Premier He Lifeng of the State Council, arrived at the meeting venue ahead of schedule at noon local time on the 9th.

The U.S. senior officials, however, only arrived in London on the morning of the 9th local time and went straight to the meeting site. U.S. Commerce Secretary Lutnick, who was absent from the China-U.S. talks in Geneva in May, appeared before the media this time. He is regarded as a high-ranking U.S. official with a particularly tough stance on technology export controls to China.

The last to step out of the car and enter the venue was U.S. Treasury Secretary Besant. U.S. media reported that Besant had been authorized by President Trump before this trip, granting him flexibility to potentially lift restrictions on a wide range of U.S. technology exports to China during these discussions.

Another key topic of the talks was whether China could accelerate its rare earth exports to the U.S. in response to American demands. British media cited insights from senior fund managers, noting that China accounts for 69% of global rare earth production, which is crucial for U.S. technological development. The market hopes this meeting will produce mutually acceptable outcomes before both sides depart London.

The agreement reached in May set a 90-day deadline for China and the U.S. to attempt reaching a trade deal by August 12. However, the talks on the 9th lasted from afternoon until evening, shifting from large-group meetings to smaller, topic-specific discussions.

The dialogue between Chinese and U.S. government officials in London will continue to advance on the 10th. Outside the venue, Lancaster House, some journalists remain stationed, closely monitoring developments.

Public opinion widely suggests that the positive attitude displayed by officials from both sides indicates a desire to extend the mutually recognized truce period following recent trade tensions. However, given the strategic considerations of both China and the U.S., whether this dialogue will achieve the desired results remains uncertain.