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.

The treasury secretary's remarks indicate that the Trump administration might be more inclined to shift the self-imposed deadline as it gets closer.

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.

Trade negotiations between the United States and China will continue on Tuesday in London, with both sides trying to preserve a fragile truce brokered last month.

• 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

US Treasury Secretary Scott Bessent will testify before the House Ways and Means Committee on Wednesday, where he will be questioned about the progress of trade negotiations with China and the "big, beautiful" tax and spending bill working its way through the Senate currently.