China and U.S. Reach Consensus in Trade Talks, Emphasising Cooperation

China and the United States have made notable progress in resolving economic and trade issues following two days of candid discussions in London, marking the first meeting under their new economic and trade consultation mechanism, sources from China reveal.

The talks, held June 9–10, followed a June 5 phone call between Presidents Xi Jinping and Donald Trump. Both sides agreed in principle to implement the leaders’ consensus and build upon prior progress made in Geneva in May.

Leading the delegations were Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Scott Bessent, along with U.S. Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer. The meeting was seen as an important step toward stabilising bilateral relations under strategic guidance from both presidents.

China reaffirmed its stance on dialogue rooted in equality and mutual benefit, while emphasising that cooperation brings shared benefits, and confrontation harms both parties. The U.S. was urged to resolve trade disputes through constructive and equitable engagement.

In the wake of the Geneva meeting, both countries agreed to reduce 91% of their respective tariffs, with an additional 90-day suspension on reciprocal tariffs. The resulting tariff relief has already spurred economic activity: U.S.-bound container bookings from China surged nearly 300%, and daily outbound shipments from Shenzhen’s Yantian Port rose by over 60%.

Experts say the London talks helped clarify unresolved issues and restored momentum in China-U.S. economic relations. Officials on both sides expressed hope that the progress made would build mutual trust and support the healthy development of future trade ties.