First day of US-China trade talks ends... War of nerves over rare earth and technology exports

The United States and China concluded the first day of trade talks on June 9th local time and announced that they would continue talks the next day (day two) in London to ease tensions related to technology and rare earth exports.
According to Bloomberg, the two sides held talks for more than six hours at Lancaster House, a 19th century Western-style building near Buckingham Palace in London.
The first day's talks concluded at around 8 p.m. and are scheduled to resume at 10 a.m. on the 10th. The U.S. representatives were Treasury Secretary Scott Becent, Commerce Secretary Howard Lutnick, and Secretary of State Jack Gates.
The U.S. Trade Representative was Imison Gurría, and the Chinese representative was Vice Premier Hu Li-feng. In particular, the issue of technology export controls was a key topic on the agenda, as Secretary of Commerce Lutnick also attended the talks.
The United States is said to have conveyed its readiness to lift some of its technology export controls if China provides a guarantee that it will ease its rare earth export restrictions.
Glass is an essential material for the energy, defense and advanced industries across the board, including smartphones, fighter jets and nuclear reactor fuel rods, with China accounting for around 70% of global production.
Bloomberg reported that JetEng, a semiconductor design software company that the Trump administration has acquired in recent weeks, citing multiple people familiar with the matter.
The report said that the U.S. may lift some of its export controls on nuclear parts, chemicals and nuclear-related materials.
"If mutual trust is confirmed at the London summit, the United States will ease some of its export restrictions and China will release large amounts of rare earths onto the market," he said.
He stressed that cutting-edge components such as the high-performance AI semiconductor "H2O chip" will not be included in the relief. The talks were held in Geneva, Switzerland last month, when the two countries agreed to a 90-day moratorium on tariffs.
The talks were the first follow-up meeting since the two countries agreed to a trade deal, and a phone call between President Trump and Chinese President Xi Jinping last week helped to rekindle momentum in the talks.