'Our deal with China is done,' Trump says ahead of final approval
President Donald Trump took to Truth Social today to announce that a major trade deal with China is 'done,' pending final approval from both himself and Chinese President Xi Jinping.
In his post, Trump emphasized key elements of the agreement, including supply commitments and tariff arrangements.
According to Trump, China will supply 'full magnets, and any necessary rare earths' upfront, addressing a critical supply chain issue for US industries. In return, the United States will uphold previously agreed terms, including allowing Chinese students to continue attending American colleges and universities — a point Trump noted has 'always been good' with him.
The trade deal reportedly sets US tariffs on Chinese goods at 55 percent, while China will impose a 10 percent tariff on US products. Trump described the relationship as 'excellent' and expressed optimism about the economic benefits of the agreement.
In a follow-up message, Trump added that he and President Xi will 'work closely together to open up China to American trade,' calling the arrangement a potential 'great WIN for both countries.'
The announcement comes amid ongoing tensions between Washington and Beijing over trade, technology, and geopolitical issues. If finalized, the deal could mark a significant shift in the trade dynamics between the world's two largest economies.
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