Top negotiators from the U.S. and China have reportedly agreed on a plan to restart their trade discussions, after a series of disagreements that nearly stopped them.

The official statement was released after two days of discussions in London, which finished late on Tuesday.

The meetings seemed to focus on resolving disagreements about mineral and technology exports, which had put a fragile trade agreement reached in Geneva last month at risk. It is still unclear if any progress was made on the more basic differences concerning China's large trade surplus with the United States.

U.S. Commerce Secretary Howard Lutnick told reporters that they first needed to overcome the negative atmosphere, and now they could progress.

Asian stock markets experienced gains on Wednesday following the announcement of the accord.

The discussions took place after a recent phone call between President Donald Trump and Chinese President Xi Jinping, with the aim of reducing tensions.

Li Chenggang, who is China's Vice Minister of Commerce and International Trade Representative, announced that both sides had mostly agreed on a plan to put into action the agreements made during the phone call and the talks in Geneva, according to the official Xinhua News Agency.

Details about a possible next round of talks were not immediately shared.

Li and Wang Wentao, China's commerce minister, were part of a group led by Vice Premier He Lifeng. They met with Lutnick, Treasury Secretary Scott Bessent, and Trade Representative Jamieson Greer at Lancaster House, an old mansion close to Buckingham Palace.

Wendy Cutler, a former U.S. trade negotiator, stated that the disagreements had used up 30 of the 90 days the two sides had to try and resolve their problems.

In Geneva, they reached an agreement to temporarily halt most of the tariffs over 100% for 90 days. These tariffs had been imposed on each other during an intensifying trade dispute, which had raised worries about a potential recession. Additionally, the World Bank, observing an increase in trade barriers, lowered its predictions on Tuesday for economic growth in the US and worldwide this year.

Cutler, who is the Vice President at the Asia Society Policy Institute, stated that the U.S. and China wasted important time in bringing back their Geneva agreements. As a result, they now have only sixty days to deal with important problems like unfair trade, too much production, goods being sent through other countries, and the fentanyl issue.

Since the Geneva talks, the U.S. and China have had strong disagreements about several key issues: advanced semiconductors used for artificial intelligence, visas for Chinese students at American universities, and rare earth minerals that are very important for car manufacturers and other industries.

China, which produces the most rare earths globally, has suggested it might issue export licenses for these elements more quickly. In return, Beijing expects the U.S. to remove its restrictions on China's access to the technology needed for making advanced semiconductors.

Lutnick stated that resolving the rare earths problem is a crucial element of the agreed framework, and that the U.S. will withdraw the measures it had previously put in place. However, he did not specify what those measures were.

He said that once the licenses are approved, we should expect our export process to also become simpler.

Cutler stated that it would be an unusual situation for the U.S. to negotiate about its export controls, which she described as a problem that China has been bringing up for nearly 20 years.

By taking this action, the U.S. has given China an opportunity to demand that export controls be included in future discussions, she stated.

On Tuesday, a federal appeals court in Washington permitted the government to carry on with collecting tariffs that the Trump administration had levied on products from China and other nations. This arrangement will persist as the administration contests a prior judgment concerning its primary trade policy.

Trump previously stated his intention to increase access for U.S. products to the Chinese market, the world's preeminent manufacturing hub.

Speaking at the White House, Trump stated that if China's economy isn't opened up, they might not take any further action, but he emphasized the importance of opening it up.