After a series of strong disagreements that almost stopped their progress, senior negotiators from both the U.S. and China have reportedly agreed on a plan to restart their trade talks.

The announcement was made after two days of discussions in London, which concluded late on Tuesday.

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

"Following a necessary clearing of negative sentiment, we are now positioned to move forward," U.S. Commerce Secretary Howard Lutnick stated to reporters after the meetings.

Asian stock markets rallied on Wednesday in the wake of the announced agreement.

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

Li Chenggang, who is China's Vice Minister of Commerce and international trade representative, said that both sides had generally agreed on a plan to carry out the agreements made during the phone call and the talks in Geneva, according to the official Xinhua News Agency.

The specific details were not revealed, and it was unclear if there would be more talks in the future.

Vice Premier He Lifeng led a delegation that included Commerce Minister Wang Wentao. They met with Lutnick, Treasury Secretary Scott Bessent, and Trade Representative Jamieson Greer. This meeting took place at Lancaster House, a 200-year-old mansion close to Buckingham Palace.

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

In Geneva, they reached an agreement to temporarily stop most of the tariffs, which were more than 100%, for 90 days. These tariffs had been imposed on each other during a growing trade conflict that caused worries about a possible recession. As a result, the World Bank lowered its predictions for economic growth in the U.S. and worldwide this year, stating that it was due to an increase in trade barriers.

Cutler, who is now Vice President at the Asia Society Policy Institute, noted that the U.S. and China wasted important time in putting their Geneva agreements back in place. They now have only sixty days to deal with important issues like unfair trade, too much production, moving goods through other countries, and fentanyl.

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

China, the world's largest producer of rare earths, has suggested it could accelerate the issuance of export licenses for these elements. In exchange, Beijing desires the U.S. to ease its restrictions on China's access to the technology required for producing advanced semiconductors.

Lutnick stated that resolving the rare earths issue is a crucial part of the agreed framework, and that the U.S. will withdraw the actions it had previously taken. He did not specify which actions.

"He stated that a decline in export implementation should be anticipated following the approval of the licenses."

Cutler mentioned that it would be an unusual step for the U.S. to discuss its export controls, which she characterized as a problem China has frequently brought up for almost two decades.

By taking this action, the U.S. has given China a chance to demand that export controls be included in future negotiations, she stated.

On Tuesday, a federal appeals court in Washington allowed the government to keep collecting tariffs that the Trump administration has placed on goods from China and other countries. This decision is temporary, as the administration is appealing a previous ruling that went against its main trade policy.

Trump previously stated his intention to grant U.S. products greater access to the Chinese market, the world's preeminent manufacturing power.

Speaking from the White House, Trump indicated that if they did not open up China, they might not achieve anything, but he emphasized his desire to open up China.