The US and China have reached a pre-agreement to restore the trade relationship after weeks of intense tension

Delegations from the United States and China announced on Wednesday that they have reached a new framework of understanding to restore the trade relationship after weeks of heightened tension, the centrepiece of which will be the "Geneva consensus" reached during the first round of contacts in that Swiss city in May, following the escalation of tensions in recent weeks.

US Trade Secretary Howard Lutnick has told the press that, after two days of negotiations in London, the agreement involves "putting meat on the bone" of the framework reached in Geneva, and has insisted that US President Donald Trump's "main objective is to reduce the trade deficit and increase trade."

"This time the two presidents (Trump and Xi Jinping) have spoken on the phone, they have created the pillar that will serve as the basis for building that framework. It is a combination of the Geneva consensus and the president's phone call. All this gives us great confidence to believe that we can solve that," he said, insisting that "the agreement is complete."

"The presidents are behind it," Lutnick said, stressing that "it's really beneficial to the United States, China and the Chinese economy." "Now, Trump has to accept it. The Chinese Party has to take it to its president. When that's over, we'll get back on the phone and start implementing the agreement," he explained.

Chinese Deputy Trade Minister Li Chengang, for his part, has stressed that the talks have been "professional, rational and profound" and has confirmed that the two countries have reached a pre-agreement. 

Li has stressed that the Chinese authorities expect the progress made in London to "strengthen confidence" between the two countries and "contribute to the rapid and healthy development of economic and trade ties between the two countries."