U.S. and Chinese officials said they had agreed on a framework to put their trade truce back on track and remove China's export restrictions on rare earths while offering little sign of a durable resolution to longstanding trade differences.

The United States and China have agreed on a framework to implement their trade truce, officials on both sides said Wednesday, after concluding two days of talks in London to defuse tensions and ease export restrictions that threaten to disrupt global manufacturing.

China's trade negotiator says that the two countries reached an agreement on a trade framework after two days of talks.

Economists saw progress in trade talks on the rare earth issue between the United States and China as a positive sign in moving toward a longer-term deal that would settle financial markets and

U.S. Treasury Secretary Scott Bessent on Wednesday called on China to uphold its commitments under an initial U.S. trade agreement reached in Geneva last month, hours after he and other U.S. and Chinese officials agreed on a new framework to implement the deal.

The deal includes the U.S. rolling back some export restrictions on advanced technology in exchange for China's release more rare earths. In other trade news, President Donald Trump's administration is close to a deal with Mexico to lift the 50% tariff on a limited amount of imported steel,

The US and China agreed to a framework and implementation plan to ease trade tensions on Tuesday. “We have reached a framework to implement the Geneva consensus,” US Commerce Secretary Howard Lutnick said.

Gold prices rose on Wednesday as uncertainty surrounding the finalisation of a U.S.-China trade agreement weighed on sentiment and fuelled some safe-haven buying, with investors awaiting key U.S. inflation data for further market direction.