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.

As trade talks conclude, the latest trade data shows a sharp drop in Chinese imports — the lowest level since the pandemic.

Chinese exports of rare earth minerals, which are vital to carmakers and other industries, and China's access to high-end technology from the U.S., including computer chips, are high on the agenda.

President Trump's officials have repeatedly said that they are nearing trade deals with a number of countries, without releasing specifics of most of them.

U.S. and Chinese officials, including He, concluded two days of negotiations in London on Tuesday to resolve key trade issues in the two superpowers' bruising tariff war, including on a raft of export control measures that have hobbled global supply chain.

• Semtech has a price-to-sales (P/S) ratio of 3.4 against a figure of 3.0 for the S&P 500 • Additionally, the company's price-to-free cash flow (P/FCF) ratio is 52.6 compared to 20.5 for the S&P 500

Here are all the tariffs, counter-tariffs, dealmaking, and deal-breaking between the world’s two biggest economies.

Representatives agreed to keep talking along the lines of the agreement reached in Geneva last month to temporarily lower tariffs.