China and the United States have taken a significant step towards resolving ongoing trade tensions, commencing new trade talks in London. This development is part of a broader geopolitical landscape where economic dialogues are crucial amidst fluctuating relations. The trade discussions come at a time when China is also set to host a summit with the European Union in July, commemorating 50 years of diplomatic relations between Beijing and Brussels.

The Sino-US trade relations have been rocky, influenced significantly by tariff impositions and economic policies. President Donald Trump's global trade war distinctly highlights the fragile balance influencing Chinese exports, which have slowed down as deflationary pressures increase. The imposition of tariffs has caused considerable strain on Chinese exporters, affecting trade dynamics and creating economic ripples across global markets.

In an interesting political maneuver, Chinese President Xi Jinping's decision to engage directly with Trump during the trade crisis defies the usual Chinese response of rebuffing direct communication amidst tension. This move underscores the importance China places on stabilizing its economic relationship with the US, especially during periods of heightened trade volatility. Xi's decision to engage with Trump is indicative of the nuanced approach China is willing to take, balancing between assertiveness and diplomatic engagement.

The upcoming EU-China summit further adds another layer to China's diplomatic strategy. By celebrating 50 years of diplomatic ties with the EU, China is not just marking a historical milestone but also positioning itself as a pivotal player in global economic and political arenas. This summit presents China an opportunity to reinforce its relations with Brussels, potentially offsetting some of the pressures from US-imposed tariffs.

These trade talks in London, therefore, represent more than just economic negotiations—they are a diplomatic exercise in balancing and reshaping international relationships. Both China and the US have significant interests at stake, with economic policies that impact not just their nations but reverberate throughout the global economy. As trade discussions progress, the outcomes could potentially reset portions of the existing economic landscape, paving the way for new dynamics in international trade.

In essence, this phase of negotiations between China and the US, alongside the upcoming EU summit, illustrates a complex interplay of economics and diplomacy. As these major economic powers engage, the ramifications will likely be felt globally, influencing trade patterns, economic stability, and international relations in the forthcoming years.