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. and Chinese negotiators have agreed to a “framework” on trade, officials said late Tuesday.

Trump's latest tariff proposal once again highlights the erratic nature of his trade strategy, underscoring a pattern of abrupt escalations and shifting deadlines that have unnerved allies and busine...