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.

U.S. President Donald Trump said on Wednesday he would be willing to extend a July 8 deadline for completing trade talks with countries before higher U.S. tariffs take effect, but did not believe that would be necessary.

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

WASHINGTON (Reuters) -U.S. President Donald Trump said on Wednesday he would be willing to extend a July 8 deadline for completing trade talks with countries before higher U.S. tariffs take effect, but did not believe that would be necessary.

• 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

Canadian Prime Minister Mark Carney said he hopes to secure a commercial and security agreement soon with US President Donald Trump, though he tamped down expectations that a deal will be ready in time for the Group of Seven summit in a few days.

High-level trade talks between the U.S. and China wrapped up in London late Tuesday. But the negotiations are far from over.Representatives agreed to keep talking along the lines of the agreement reached in Geneva last month to temporarily lower tariffs.

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