To recap, currently the tit-for-tat trade war between Beijing and Washington D.C. has entered something of a truce, with Treasury Secretary Scott Bessent announcing a 90-day pause in May. Both sides agreed to lower their rates by 115%, meaning Bejing faces a 30% tariff and the U.S. faces a 10% tariff.

Donald Trump has said the US and China’s deal to restore their trade war truce is “done” after two days of marathon negotiations in London. In a post on his Truth Social network on Wednesday the US president hailed a breakthrough reached in bilateral talks in London late the night before.

U.S.-China talks on trade resemble arms-control negotiations, with export controls being the key weapons in each side’s arsenal.

Officials from both sides are meeting on Monday in London, aiming to resolve differences over tariffs and supply chains that have endangered a fragile truce between the countries.

The United States and China have agreed on a framework to implement their trade truce, officials on both sides said Wednesday, after concluding two days of talks in London to defuse tensions and ease export restrictions that threaten to disrupt global manufacturing.

At VivaTech, the Chinese ambassador to France says Beijing is ready to collaborate with Paris to enhance scientific and technological exchanges.

The only scenario in which China might deregulate its critical minerals export is if the U.S. fully removes tariffs imposed on Chinese goods as part of the trade war, said Wang Yiwei, a professor of international affairs at Renmin University, echoing the Chinese government’s earlier stance.

President Donald Trump said on Wednesday the U.S. deal with China is done, with Beijing to supply magnets and rare earth minerals while the U.S. will allow Chinese students in its colleges and universities.