Lutnick says reached a framework with China, if approved will implement Geneva agreement | Forexlive
Some positive news out of the US-China trade talks in London. The framework agreement reached depends on Trump approving it. I can’t see why not, unless he is one of his moods.
Bolding is mine, looks positive, but it is clear its not yet a trade deal. Still, have to start somewhere, right?:
U.S. Commerce Secretary Lutnick speaking after trade discussions with China:
- We have reached a framework to implement the Geneva Consensus
- Combined Geneva Consensus with outcome from leaders call on June 5
- We’re going to go back and see if Trump approves it
- If approved we’ll implement
- Says Xi and Trump call changed outcome
U.S. Trade Representative Greer:
- focussed on full compliance
- We don’t have another meeting scheduled, but parties will be in contact tomorrow and the next day
- We are in constant contact with China
U.S. Commerce Secretary Lutnick:
- Idea behind all this is to increase our trade with China
- Framework is first step, we had to get the negativity out
U.S. Trade Representative Greer:
- We’re moving as quickly as we can
- We feel positive about engaging with the Chinese
- Up to President whether deadline gets extended
- Expect to see progress from China on fentanyl
U.S. Commerce Secretary Lutnick:
- we expect that rare earth and magnets issues will be resolved in this
- When they approve the licenses then you should expect our export implementation to come down again
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Earlier:
The TL;DR on this is that China and the US have agreed to an in principle framework for implementing consensus between the two heads of state during their phone talks on June 5, and reached at Geneva talks. This is a start but there is still much to do before we cann call this a trade deal. That won’t stop you-know-who from spouting rubbish, just so you are prepared.
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