US vows reprieve on some tech export restrictions as talks with China begin in London

Top economic officials from China and the United States have kick-started a crucial round of trade talks in London, as the world watches closely to see if the two sides can agree to roll back their “chokehold” controls over critical minerals and advanced technologies.

The Chinese and American delegations – led by China’s vice-premier, He Lifeng, alongside US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer – met Monday afternoon, local time, according to Xinhua.

The meeting was scheduled after a phone call between President Xi Jinping and US President Donald Trump last week, during which the two leaders agreed to push forward negotiations to resolve their ongoing trade disputes.

This came after tensions between the world’s two largest economies had escalated over their tight export control regimes, with both sides accusing each other of violating the “tariff truce” they had agreed in Switzerland last month.

Since the deal in Geneva – which saw both sides agree to drastically scale back tariffs on each other’s goods for 90 days – Washington has banned the use of advanced Chinese-made microchips and placed new restrictions on the sale of chip design technologies to China.

US sales of some jet engine-related technologies to China have also been suspended, according to media reports.