Treasury Sec. Bessent leaves London, but U.S.-China trade talks continue

U.S. Treasury Secretary Scott Bessent said Tuesday he is departing ongoing trade talks with China because he has to travel to Washington, D.C., to testify before Congress the next day.

Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer will remain in London to continue the negotiations with Beijing, which are still underway after two lengthy days of talks, Bessent said.

Lutnick said earlier that the parties were "trying to finish" by Tuesday evening.

The talks have been "productive," Bessent said as he left the ornate Lancaster House near Buckingham Palace where the discussions are taking place. The remaining negotiators "are continuing as needed with the Chinese delegation," he added.

The two economic superpowers are meeting for the second time in as many months as they seek to sort out key differences during a volatile moment in their ongoing trade war.

The discussions are expected to center on hashing out an agreement to ease U.S. controls on exports to China in exchange for Beijing committing to free up its export of key minerals known as rare earths.

Disputes over rare earths and export controls emerged in the weeks after trade talks in Geneva, Switzerland, led both sides to temporarily pare back most of the tariffs on each others' goods.

The Chinese delegation included Vice Premier He Lifeng, Commerce Minister Wang Wentao and top trade negotiator Li Chenggang.