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.

High-stakes trade negotiations between the U.S. and China continued into a second day Tuesday, as both sides sought to defuse a trade war that threatens both economies.

The latest trade truce between China and the United States offers investors hope that the two superpowers can reach a lasting resolution and prevent further market disruption, but the absence of detailed terms leaves room for potential future tariff conflicts.

U.S.-China talks on trade resemble arms-control negotiations, with export controls being the key weapons in each side’s arsenal.

U.S. and Chinese officials said they had agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths.

U.S. trade negotiations have transitioned from their opening act, with its many twists and turns, into a new, protracted chapter: the Slow Grind. It may be less turbulent than this past spring's drama,

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.