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.

After two days of negotiations, the United States and China appear hopeful about the progress they’re making on a trade deal. But let’s take a look at what actually went down this week. Both countries say they have a "framework" that basically gets trade talks back to the agreement they made in Geneva a month ago.

While Donald Trump hailed the outcome of trade talks in London, Xi Jinping walked away with an understated strategic gain: a negotiating process that buys China time and helps defuse the threat of more harmful tariffs and technology curbs.