Trump hails ‘done deal' on China trade. What's actually in it is fuzzy
US President Donald Trump has declared that a deal with China has been done, with Beijing agreeing to supply rare earths and magnets, and the US committing to rolling back restrictions on technology sales and visa curbs on Chinese students.
But it remains unclear whether this agreement – hashed out over two days of negotiations in London – represents a final deal between the two sides, or a de-escalation measure with a broader pact still to be pursued.
'We made a great deal with China. We're very happy with it,' Trump told reporters before a Wednesday evening (Thursday AEST) performance at Washington's Kennedy Centre.
'We have everything we need, and we're going to do very well with it. And hopefully they are too.'
The full details of the agreement have not been released, but it appears to be limited to winding back the recent punitive measures that the two sides had slapped on each other's economies since Trump kicked off his global trade war in April.
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This included an agreement by Beijing to temporarily restore rare earth licences to allow shipments to continue – but The Wall Street Journal reported China has imposed a six-month limit on the licences, signalling the fragility of the agreement. Rare earths are critical for the manufacturing of many products, including electrical vehicles, wind turbines and defence technology.
The agreement did not seem to address other key issues that were the rationale for the trade war, including China's massive trade surplus with the US or its role as a chemical manufacturer in the fentanyl crisis.
Trump's declaration of a deal has been met with scepticism by many analysts.
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