Tariffs, US-China meetings start. First hurdle: rare earths
Bessent's team saw the Chinese delegation in London. Hassett, Trump adviser: 'The prospect is that the minerals will be released in quantity, then we will think of something else'
by Marco Valsania - New York
3' min read
3' min read
Face-to-face in London with stakes that could not be higher: mending bilateral talks and relaunching a trade truce between the United States and China. Top-level delegations of the two major economic powers met yesterday - or rather started a series of talks - on neutral territory in the British capital. A thaw after rifts that threatened to unleash new escalations in tensions and a phone call from Donald Trump and Xi Jinping last week promising to get stalled negotiations back on track.
For the US, the full team was involved, led by Treasury Secretary Scott Bessent but also by the two protectionism hawks Howard Lutnick, Secretary of Commerce, and Jamieson Greer, White House Trade Representative. Their presence is actually seen as a sign of Washington's seriousness. For Beijing, the team was led by Vice Premier He Lifeng, plenipotentiary in the trade negotiations.
On the table, immediately, is one of the main American demands: unlocking rare earths, considered essential for tech production and where Beijing's dominance remains undisputed. China mines 69% of the world's total of such minerals. However, we are only at the beginning of the new diplomatic round: He will be in London until 13 June as part of what has been christened the 'China-U.S. economic and trade consultation mechanism'.
"The purpose of the meeting is to ensure that the Chinese are serious, to proceed with literal handshakes and move forward," White House economic adviser Kevin Hassett said at the start of the meetings. "Our expectation is that after these handshakes rare earths will be released in quantity, then we can turn to dealing with smaller issues," he added.
However, the Chinese delegation from London also raised the wooing of other partners to break the US siege. In this case Britain: He indicated that China and the UK should maintain a 'sustained, healthy and stable' development of economic relations, deepening trade and cooperation. He met with Rachel Reeves, Chancellor of the Exchequer in London. Beijing recently also suggested a privileged channel to facilitate the arrival of rare earths in the EU.
