The US and China have agreed on a trade framework after two days of talks in London, Chinese trade negotiator Li Chenggang told reporters on June 11.
The two sides "are in principle agreed on the framework for implementing the consensus reached by the two heads of state during the phone talks on June 5 and at the negotiations in Geneva last month," he said.
US and Chinese officials will submit the proposal back to leaders for approval, US Secretary of Commerce Howard Lutnick shared at a private press conference in London. When approved by President Donald Trump and President Xi Jinping, the framework will be implemented.
The latest round of trade talks, held on June 9 and 10, followed a phone call last week between US President Donald Trump and Chinese President Xi Jinping.
After talks in Geneva, Switzerland in May, the US and China agreed to cut tariffs on each other's goods within an initial term of 90 days.