The U.S. and China have reached a trade agreement framework following two days of high-level talks in London. “We have reached a framework to implement the Geneva consensus and the call between the two presidents,” said U.S. Commerce Secretary Howard Lutnick, echoing remarks from China’s trade representative Li Chenggang. The deal follows a recent phone call between Presidents Trump and Xi, which helped ease tensions after mutual accusations of violating the Geneva trade deal. In May, both nations agreed to a 90-day pause on reciprocal tariffs and to roll back some measures. Lutnick said he and U.S. Trade Representative Greer will seek Trump’s approval before moving forward. A key part of the deal involves resolving China’s restrictions on rare earth exports and the U.S. easing its recent tech export curbs. Treasury Secretary Scott Bessent returned to Washington to testify before Congress.