US and China flags are pictured at Lancaster House, on the second day scheduled for trade talks between the US and China, in London, Britain, June 10, 2025. (Photo: REUTERS/Toby Melville)

At the end of two days of intense negotiations in London, US Commerce Secretary Howard Lutnick told reporters the framework deal puts "meat on the bones" of an agreement reached last month in Geneva to ease bilateral retaliatory tariffs that had reached crushing triple-digit levels. He said the agreement reached in London would remove some of the recent US export restrictions, but did not provide details.

In a separate briefing, China's Vice Commerce Minister Li Chenggang also said a trade framework had been reached in principle that would be taken back to US and Chinese leaders.