High-level negotiators from the U.S. and China have reportedly agreed on a plan to restart their trade talks, which had been at risk of failing due to recent disagreements.

The announcement was made 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's not clear if any progress was made on the more basic differences regarding China's large trade surplus with the United States.

"U.S. Commerce Secretary Howard Lutnick informed reporters that after addressing the prevailing negativity, they could finally move forward."

Asian stock markets rallied on Wednesday in the wake of the agreement's announcement.

The discussions took place after a phone call last week between President Donald Trump and Chinese President Xi Jinping, which aimed to reduce tensions.

Li Chenggang, who is China's Vice Minister of Commerce and International Trade Representative, stated that both sides had generally agreed on a plan to put into action what they had decided during their phone call and the talks in Geneva, as reported by the official Xinhua News Agency.

Specific information about the situation, including any potential future talks, is not available right now.

Vice Premier He Lifeng led a delegation, which included China's commerce minister, Wang Wentao. They met with Lutnick, Treasury Secretary Scott Bessent, and Trade Representative Jamieson Greer at Lancaster House. This 200-year-old mansion is located near Buckingham Palace.

Wendy Cutler, who used to be a U.S. trade negotiator, mentioned that the disagreements had already used up a lot of the 90 days they had to try and sort out their problems.

In Geneva, both sides agreed to temporarily stop most of the very high tariffs, over 100%, that they had placed on each other for 90 days. This was part of a growing trade dispute that had caused worries about a recession. At the same time, the World Bank lowered its predictions for economic growth in the US and worldwide this year, mentioning the increase in trade barriers.

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

Since the talks in Geneva, the U.S. and China have had strong disagreements about advanced semiconductors used in artificial intelligence, visas for Chinese students at 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 indicated it might speed up giving out export licenses for these elements. In return, Beijing wants the U.S. to remove its restrictions on China's access to the technology used to produce advanced semiconductors.

Lutnick stated that resolving the rare earths problem is a crucial part of the agreed framework. He added that the U.S. would withdraw the actions it had previously taken in response, but he did not specify what those actions were.

He mentioned that once the licenses are approved, a reduction in our export activities is to be expected.

Cutler mentioned that it would be unusual for the U.S. to discuss its export controls, which she called a problem that China has been mentioning 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 negotiations, she stated.

A federal appeals court in Washington decided on Tuesday that the government can continue to collect tariffs, which are taxes on imported goods. These tariffs were put in place by the Trump administration on goods from China and other countries. This will stay in effect while the government appeals a previous decision that challenged this important trade policy.

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

Speaking from the White House, Trump said that if China didn't open up more for trade, it might stop things from happening, but he emphasized that his administration really wanted to make this happen.