Chinese and US trade officials kept talking in London on the 10th, marking the second day of their talks. Reuters reports that US Commerce Secretary Lutnik said the discussions were going well. He mentioned, "We talked all day yesterday, and we plan to do the same today." He added, "Things are going smoothly, and we've been spending a lot of time talking with each other."
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● This is the first time the Chinese and US teams have met face-to-face since their talk in Geneva last month. The goal is to rebuild trust and follow through on the commitments they made there. Back then, both sides agreed to pause some of the tariffs for 90 days, giving them a little breathing room to work out trade issues. The US team is led by Treasury Secretary Janet Yellen, with Commerce Secretary Gina Raimondo and Trade Representative Katherine Tai also there. China's side is headed by He Lifeng, who’s a top Communist Party official and Vice Premier, along with China’s Commerce Minister Wang Wentao and Vice Minister Li Chenggang. They talked for almost seven hours on the 9th.
● Even though Besent is usually seen as a key player in talks with China, many foreign media outlets have been focusing more on US Commerce Secretary Lutnik and his role in these discussions. He didn’t take part in the previous meeting in Geneva. Reuters points out that Lutnik’s involvement in the London talks shows how important export controls are in this round. According to sources, the US is thinking about relaxing some of the recent restrictions they’ve put in place, which cover areas like chip design software, jet engine parts, ethane, and nuclear materials.
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● Hassett, who heads the White House National Economic Council, mentioned in an interview with CNBC on the 9th that the U.S. isn’t planning to loosen export rules on NVIDIA’s main chips, particularly the ones used for AI work.
● Many experts believe that the biggest worries caused by tariffs might be calming down a bit. But, that doesn’t mean the market can keep climbing just yet since there haven't been any big deals or clear progress in talks. In the meantime, stock prices have gone up mainly because trade tensions are easing, the US dollar is weaker, global inflation is slowing, and the US economy and job market stay pretty strong.
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