China Cheers 'Hard-Won' Deal, Urges US To Comply With Its Commitments

Chinese Vice Premier He Lifeng on Wednesday cheered the outcome of the trade deal talks with the U.S. and called for the continuation of dialogue between the two countries to further defuse tensions.

In a statement published by state broadcaster China Central Television, Lifeng called on both the U.S. and China to stick to the terms of the agreement, according to a Bloomberg report.

“As a next step, the two sides should follow the important consensus and requirements reached by the two heads of state on the phone call, further play a good role in the China-US economic and trade consultation mechanism,” he said.

Although Lifeng did not dive into the details of the framework, he urged the two countries to“show the spirit of good faith in abiding by their commitments and jointly safeguard the hard-won results of the dialogue.”

Lifeng's remarks come after two days of intense trade negotiations between the officials of the U.S. and Chinese governments.

Earlier, Commerce Secretary Lutnick confirmed that once the proposals are approved by U.S. President Donald Trump and Chinese President Xi Jinping, they will seek to implement the deal.

The two countries sought to resolve their differences over export controls on rare earth resources and semiconductor chips. Lutnick said he expects the issue of rare earth exports to be resolved.

The London framework between the U.S. and China seeks to implement the Geneva deal signed between the two countries in May.

This meeting was preceded by a call between Trump and Jinping last week.“There should no longer be any questions respecting the complexity of Rare Earth products,” President Trump wrote in a post on Truth Social after the call.

Meanwhile, markets seemed less optimistic despite the positive outcome of U.S.-China trade talks. Investors are also eyeing the release of the inflation data on Wednesday morning. The SPDR S & P 500 ETF (SPY), which tracks the S & P 500 index, was down 0.17%.

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