Trump says China is 'not easy.' Lutnick says trade talks are 'going well'
The U.S. and China are seeking an off-ramp from trade restrictions crippling their supply chains
U.S. trade negotiations with China entered their second day on Tuesday, as U.S. officials expressed optimism on the direction of the talks aimed at ending a trade war between the two biggest global economies.
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Commerce Secretary Howard Lutnick spoke to reporters outside London’s Lancaster House, the site of high-stakes negotiations with Beijing. The American negotiating team is spearheaded by Lutnick, Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.
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“We’ve been [talking] all day yesterday and we expect to go all day today. The talks are going well, we’re spending lots of time together,” he said.
Trade tensions between the U.S. and Beijing spiked in recent weeks. Both countries have accused each other of reneging on an interim accord struck last month in Geneva that scaled back triple-digit tariffs in the ongoing trade war.
However, Trump and other administration officials were hopeful about defusing tensions and securing a deal. “China’s not easy,” Trump said Monday after the first day of talks concluded. He added: “I’m only getting good reports.”
“The purpose of the meeting today is to make sure that they’re serious, and to get handshakes from our three lead trade negotiators and get this thing behind us,” White House National Economic Council Director Kevin Hassett told CNBC on Monday.
Trade tensions have crippled supply chains at critical points in the U.S. and China. American companies are reeling from Chinese export restrictions on rare earth magnets that are key components in autos, as well as energy and the defense sectors. China is grappling with a U.S. pause in shipments of chemicals and semiconductor chips, among other key components.