The S&P 500 (SPX) is inching higher on Tuesday and is now just 2% away from its all-time high of $6,147.43. This morning, the U.S. and China began their second day of trade talks in London. No official updates have been provided yet.
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Both Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick said that the first day of talks went well, although they didn’t reveal any additional details. That could concern some investors.
U.S. and China Discuss Export Controls
Export controls are a main topic of discussion between the two countries. The U.S. wants China to increase its export flow of rare earth elements, which are used in the production of essential electronics like smartphones, semiconductors, and electric vehicles. In return, the U.S. is willing to ease export curbs on semiconductors, aircraft parts, and ethane, according to the Financial Times.
In 2024, the U.S. exported $143.22 billion of goods to China and imported $438.74 billion of goods from the country, resulting in a goods trade deficit of $295.51 billion. That deficit stands at $88.02 billion in 2025 as of April.
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