Trump says China trade deal is 'done'
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President Donald Trump declared a trade deal between the U.S. and China 'done' and announced new rare earth minerals he said would be coming into the U.S. from its top trade competitor. 'Our deal with China is done, subject to final approval with President Xi and me,' Trump posted Wednesday morning. 'Full magnets, and any necessary rare earths, will be supplied, up front, by China.'
He also said Chinese students would continue 'using our colleges and universities,' something he said has 'always been good with me' despite his administration's crackdown on foreign students at top universities. The president said the U.S. is 'getting a total of 55 percent tariffs from China,' without further explanation, and that the U.S. would face a 10 percent tariff from Beijing . That keeps in place tariffs between the two countries that are at historically high levels, an indication that the matter is still not settled.
Trump's morning post came before markets opened in New York, and followed trade negotiators announcing they had agreed on a framework following multi-day talks in London . The initial trading response was muted, on a day when new inflation data came in lower than expected. The Dow Jones Industrial Average had ticked up by less than a quarter of a percent, while the broader S&P was up about a tenth of a percent.
The markets have already been on a tear, with the S&P rising for six out of the last seven trading days. 'First we had to get sort of the negativity out and now we can go forward,' Commerce Secretary Howard Lutnick told reporters. Trump even declared: 'relationship is excellent!' That comes despite years of reports of Chinese hacking and corporate espionage activities in the U.S., along with moves to supplant U.S. influence around the globe and partnering with Russia shortly before Moscow invaded Ukraine.
The 55 percent U.S. tariff incorporates the 10 percent baseline tariff Trump imposed on imports from around the world. It also adds in 25 percent tariffs on China from his first term and another 20 percent he slapped on this year after accusing China of flooding the U.S. with deadly fentanyl. The U.S. and China clashed in a trade war in Trump's first term. Tensions rose again when a Chinese spy balloon traversed North America.
After months of strain President Joe Biden sat down with Xi Jinping in Woodside, California in 2024 in an effort to get relations on a more stable path. Negotiators for the two countries met in Geneva in May to negotiate a pause in new tariffs Trump had imposed, prompting retaliation from Beijing and rattling markets. The prospect of new trade structure for the world's top two economic powers was expected to send markets soaring, although Wall Street traders have been honing their ways to gauge responses to Trump's topsy-turvy pronouncements on trade and tariffs.
Weeks ago Trump exploded at a reporter who asked him about the 'TACO trade,' which stands for 'Trump Always Chickens Out.' In the case of what he announced on China, it appears Trump secured access for rare earth minerals he prizes – although some have been identified as being extracted through forced labor of oppressed minorities in China's far-western Xinjiang province. Titanium, lithium – which is critical to batteries – beryllium, and magnesium are among the products considered vital to manufacturing and products.
Trump's announcement came on a day when the government announced the Consumer Price Index rose 2.4 percent in May, following a 2.3 percent increase in April. The numbers reflected the inflationary impact of Trump's tariffs, which are a tax on imports, but analysts aren't seeing the signs of runaway inflation that could rock the markets. So-called 'core' inflation, which excludes volatile commodities, was at 2.8 percent. Trump's post that he was 'always good' with Chinese students clashes with a crackdown in his administration.
Under a policy announced by Secretary of State Marco Rubio, the administration announced an 'aggressive' move against Chinese students, 'including those with connections to the Chinese Communist Party or studying in critical fields.' 'We will also revise visa criteria to enhance scrutiny of all future visa applications from the People's Republic of China and Hong Kong,' Rubio said.
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