Trade representatives from the United States and China met in London Monday afternoon for critical negotiations on export restrictions. The US administration signaled willingness to remove limitations on some technology exports in exchange for China easing restrictions on rare earth minerals – crucial materials used in electronics and defense systems.
Kevin Hassett, head of the White House National Economic Council, told CNBC that export controls could be relaxed after successful negotiations, specifically mentioning semiconductors important to China. However, he emphasized that the most sophisticated AI chips from Nvidia would remain restricted. The talks, which may continue Tuesday, follow a Geneva meeting where both nations agreed to temporarily lower tariffs for 90 days while working on trade imbalance solutions. A recent phone call between Presidents Trump and Xi Jinping reportedly gave new momentum to these discussions.