Trump touts trade ‘deal' with China
President Donald Trump said Wednesday morning the U.S. is dropping plans to revoke Chinese student visas in exchange for China resuming the flow of rare earth minerals to the U.S.
The details, which Trump shared in a Truth Social post, build on a Tuesday night announcement from U.S. and Chinese officials that they have agreed to a 'framework' to deescalate trade tensions between the two countries. That framework, however, does little more than promise to implement an agreement the U.S. and China reached in Geneva last month, which stalled amid ongoing tensions between the two countries.
Still, Trump's tone on Wednesday was triumphal. He billed the 'deal' — agreed to in London after two days of talks between top Chinese officials and U.S. negotiators, including Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick — as 'done.'
'OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME,' Trump said. 'RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!'
In addition to the resumption of the flow of rare earths and magnets and the deescalation on Chinese student visas, Trump said a maximum of 55 percent tariffs on China will remain, made up of the 25 percent tariffs approved during his first term, 20 percent tariffs related to China's role supplying fentanyl precursors and the 10 percent baseline tariff the president placed on all U.S. trading partners. China, in exchange, will keep in place 10 percent tariffs on the U.S., Trump said.
After the May agreement in Geneva, the Trump administration accused the Chinese government of slow-walking its restart of shipments of critical minerals and rare earth magnets. And the Chinese government was angered by U.S. moves to limit U.S. exports for key Chinese industries, like semiconductors and aircraft.
Trump has been eager to signal progress on trade talks after slapping massive levies on U.S. trading partners in April.
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