The United States and China have reached a long-awaited trade agreement, following two days of high-level discussions in London this week.
What Happened: On Tuesday, representatives from both sides said that they’ve reached an agreement to implement the provisions of the Geneva trade consensus, which was signed last month, resulting in a 90-day pause on the tariffs imposed on China, reported CNBC.
“We have reached a framework to implement the Geneva consensus and the call between the two presidents,” U.S. Commerce Secretary Howard Lutnick said, referring to a phone conversation last week between President Donald Trump and Chinese President Xi Jinping that set the tone for further bilateral talks.
China’s trade envoy Li Chenggang echoed Lutnick’s comments, calling the agreement a “step forward” in restoring trust, following the stalled implementation of the Geneva consensus, owing to accusations of non-compliance from both sides.
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Lutnick said both sides will now …