The first day of trade negotiations ends: The United States shows willingness to make concessions

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The first day of the Sino-US trade talks were held at Lancaster Palace on Monday local time, and lasted for more than 6 hours. Representatives of the two sides discussed tight negotiations and even used takeaway to satisfy their hunger. The US side consists of three members including the Secretary of the Finance Department, and China, including the Vice Premier of the State Council. After the meeting, the US representatives said the talks were "very good" and "productive", and Trump also said he had received a positive report.

It is reported that Trump authorized US representatives to lift some technology export restrictions to China, and the US is willing to lift some technology export restrictions in exchange for China to relax rare earth export restrictions. The talks focus on relaxing export controls and the probability of reaching them is high, while the possibility of extending the tariff suspension period, canceling or reducing fentanyl tariffs is small.

At 1 pm local time on Monday (8 pm Beijing time on Monday), the Sino-US trade talks officially kicked off at Lancaster Palace, one of the most gorgeous mansions in the UK. The talks lasted for more than 6 hours and did not end until 8 o'clock that night (3 a.m. Beijing time on Tuesday).

According to media reports, the talks were scheduled tightly and there was no formal dinner time even. Representatives of both sides ordered takeout from London restaurant Ottolenghi and took it directly into the venue. They continued to work after eating while talking or having a hurry, which shows the tension and hard work of negotiations. The two sides will meet again at 10 a.m. on Tuesday (5 p.m. Beijing time on Tuesday) to continue consultations.

During the Sino-US trade talks, the United States sent three representatives, namely US Treasury Secretary Scott Besent, Commerce Secretary Howard Lutnik and US Trade Representative Jamison Greer; China formed a delegation of Vice Premier He Lifeng, Commerce Secretary Wang Wentao, and International Trade Negotiator and Vice Minister of Commerce Li Chenggang.

After the first day of talks, the U.S. representative expressed optimism about the results of the talks. U.S. Treasury Secretary Bescent revealed to reporters that this was a "good meeting"; Commerce Secretary Lutnik also called the discussions "productive". Meanwhile, Trump received a report on negotiation progress from London at the White House, and told reporters: "Our relations with China are going well. China is not easy to deal with, but I only received good reports."

It is worth mentioning that according to people familiar with the matter, Trump has given US negotiators the power to lift export controls against China. Before the talks between China and the United States and London, Trump authorized Treasury Secretary Scott Becente's team to negotiate to lift recent restrictions on the sale of various technologies and other products to China.

These restrictions include recent export restrictions on chip design software (EDA), jet engine parts, chemical ethane and nuclear materials, all of which were introduced in the context of rising tensions in relations between the two sides following the Geneva agreement. When asked whether export controls could be lifted, Trump responded, "We will wait and see."

Kevin Hassett, director of the U.S. National Economic Commission, also said on Monday that the U.S. is willing to lift restrictions on exports of some technologies in exchange for China's guarantee of easing restrictions on exports of rare earths. Judging from the comprehensive information of all parties, this talk focuses on relaxing export controls and the probability of reaching relevant agreements is extremely high. However, the possibility of extending the 90-day moratorium on peer tariffs and canceling or reducing the 20% fentanyl tariff is relatively small.