The S&P 500 is nearing its all-time high of $6,147.43, having risen 2% on Tuesday. US Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick reported a successful first day of trade talks with China in London, although no further details were provided.
A key area of discussion between the two countries is export controls. The US wants China to increase its rare earth element exports, used in electronics production, in exchange for easing curbs on semiconductor and aircraft part exports. In 2024, the US exported $143 billion to China but imported $438 billion, resulting in a large goods trade deficit.
As of April 2025, this deficit narrowed to $88 billion. The talks are ongoing, with no official updates yet released.
Source: https://www.tipranks.com/news/sp-500-nears-all-time-high-as-u-s-china-trade-talks-conclude