Officials from the world’s largest economies will try to strike a deal Tuesday to relax painful export restrictions that they have imposed on each other.According to The New York Times, officials from the world’s largest economies will meet on Tuesday to negotiate a deal to ease export restrictions that have been imposed on each other. The United States and China have been engaged in a trade dispute this year, with both countries targeting each other’s key industries in an attempt to gain leverage. China has restricted the global shipment of rare minerals, while the United States has halted exports of chemicals, machinery, and technology to China. This has caused disruptions in the operations of companies like Ford Motor. In an effort to resolve the conflict, top-ranking officials from both sides are meeting for a second day of negotiations at Lancaster House in London. This comes after a 90-minute phone call between President Trump and Chinese leader Xi Jinping, the first direct communication between the two since January. Commerce Secretary Howard Lutnick stated that the talks were “going well” and were expected to continue throughout the day. The urgency of these negotiations reflects the severity of the measures taken by both countries. After the United States increased tariffs on Chinese goods in April, China responded by restricting exports of critical minerals and magnets, which could have a significant impact on American manufacturers and defense contractors.
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