The delegation included US Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, and Trade Representative Jamieson Greer, meeting China’s Vice Premier He Lifeng. The talks center around rare earth exports from China and Beijing’s access to advanced US technologies, particularly semiconductor chips.

Tariff Truce At Risk?

Although a temporary tariff truce was brokered in Geneva last month, accusations of non-compliance have followed quickly. Greer claimed China failed to remove export restrictions on rare earth magnets. Meanwhile, Beijing argued the US violated the agreement by halting sales of chip design software, discouraging the use of components from Huawei, and restricting student visas.

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The US had reduced tariffs on Chinese goods to 30% while China lowered its rates to 10%, both agreeing on a 90-day period to negotiate a full deal. Yet, both sides have since accused one another of backtracking.

Leadership Dialogue Offers Hope

The current meeting follows a rare phone call between Donald Trump and Xi Jinping—the first direct contact since the trade war began in February. Trump described it as “a very good talk,” adding that Xi agreed to resume trade in rare earth materials.

However, White House Economic Council Director Kevin Hassett told CBS News that while exports have resumed, they still fall short of what was agreed in Geneva.

Economic Stakes Are Global

With China responsible for mining 69% of the world’s rare earth elements—used in everything from smartphones to electric vehicles—any shift in supply dynamics will ripple across global markets.

Prior to this round of talks, He Lifeng also met with UK Chancellor Rachel Reeves, discussing closer cooperation on finance and economics.

Meanwhile, Trump‘s aggressive trade policy has raised concerns among economists. The OECD recently revised its global growth forecast downward to 2.9%, citing rising trade barriers.

New data from Beijing revealed May exports rose 4.8% year-over-year, while imports fell 3.4%—a much steeper decline than expected.

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All Crypto Transactions to Be Reported Starting 2026

Beginning January 1, 2026, UK-based crypto companies will be required to report all customer transactions, including trades and transfers. This is part of a broader initiative by the UK government to enhance crypto tax reporting and align with global standards.

The information to be collected and reported includes:

• Full legal name
• Home address
• Tax identification number
• Type of cryptocurrency used and the amount transferred

Additionally, entities like companies, trusts, and charities involved in crypto transactions will also fall under this reporting regime.

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Non-compliance or inaccurate reporting may result in penalties of up to £300 ($398.4) per customer.

Transparency Without Compromising Growth

This move is part of the UK’s adoption of the OECD’s Crypto-Asset Reporting Framework, which aims to balance market innovation with regulatory oversight.

UK Chancellor Rachel Reeves emphasized that the country remains open to business but is closing its doors to fraud, abuse, and instability. In April, she also introduced a draft bill that brings crypto exchanges, custodians, and brokers within the regulatory perimeter to better combat scams and financial misconduct.

UK vs EU: Diverging Paths in Crypto Regulation

While the UK is integrating crypto regulation into its existing financial structure, the European Union has opted for a dedicated framework through MiCA (Markets in Crypto-Assets Regulation). One major difference is that the UK will allow foreign stablecoin issuers to operate without registration, and it won’t impose volume caps — unlike the EU, which may restrict large stablecoin operations to mitigate systemic risks.

A recent survey by the UK’s Financial Conduct Authority showed that 12% of UK adults now own crypto, up from 4% in 2021. With growing adoption, a well-regulated ecosystem is becoming essential.

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The post UK to Require Crypto Firms to Report Every Customer Transaction From 2026 appeared first on Coin Engineer.