US and China sign trade agreement, Donald Trump says
Commerce Secretary Howard Lutnick told Bloomberg TV that the deal was signed earlier this week. Neither Mr Lutnick nor Mr Trump provided any details about the agreement.
'We just signed with China the other day,' Mr Trump said late on Thursday.
Mr Lutnick said the deal was 'signed and sealed' two days earlier.
It follows initial talks in Geneva in early May that led both sides to postpone massive tariff hikes that were threatening to freeze much trade between the two countries.
Later talks in London set a framework for negotiations and the deal mentioned by Mr Trump appeared to formalise that agreement.
Mr Lutnick said: 'The president likes to close these deals himself. He's the dealmaker. We're going to have deal after deal.'
China has not confirmed any new agreements, but it announced earlier this week that it was speeding up approvals of exports of rare earths, materials used in high-tech products such as electric vehicles.
Beijing's limits on exports of rare earths have been a key point of contention.
The Chinese Commerce Ministry said on Thursday that Beijing was accelerating a review of export licence applications for rare earths and had approved 'a certain number of compliant applications'.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Leader Live
39 minutes ago
- Leader Live
Beijing deal will speed China's export of minerals to US
The agreement comes after China retaliated against steep import tariffs imposed by the Trump administration on Chinese goods, and moved to slow the export of rare earth minerals and magnets much needed by US industrial interests. Mr Bessent said on Fox Business Network's Mornings With Maria that US President Donald Trump and Chinese President Xi Jinping 'had a phone call' previously 'and then our teams met in London, ironed this out, and I am confident now that we, as agreed, the magnets will flow'. 'Part of the agreement was tariffs coming down and rare earth magnets starting to flow back to the US,' Mr Bessent said. 'They formed the core of a lot of our industrial base. They were not flowing as fast as previously agreed.' His comments come after Mr Trump announced two weeks earlier an agreement with China that he said would ease exportation of magnets and rare earth minerals That pact cleared the way for the trade talks to continue. The US has previously suspended some sales to China of critical US technologies like components used for jet engines and semiconductors. But it has also agreed to stop trying to revoke visas of Chinese nationals on US college campuses. Mr Bessent added of critical mineral exports: 'What we're seeing here is a de-escalation.' Commerce secretary Howard Lutnick told Bloomberg TV that the deal was signed earlier this week. China's commerce ministry said on Friday that the two sides had 'further confirmed the details of the framework', though its statement did not explicitly mention US access to rare earths that have been at the centre of the negotiations. 'China will, in accordance with the law, review and approve eligible export applications for controlled items. In turn, the United States will lift a series of restrictive measures it had imposed on China,' it said. Initial talks in Geneva in early May led both sides to postpone massive tariff hikes that were threatening to freeze much trade between the two countries. Later talks in London set a framework for negotiations and the deal mentioned by Mr Trump appeared to formalise that agreement, setting the stage for Mr Bessent's comments on Friday.
The Independent
an hour ago
- The Independent
Trump can't understand why Iran's ‘Supreme Leader' isn't saying thanks: ‘Saved him from ugly death'
President Donald Trump on Friday lashed out at Iran 's supreme leader for continuing to beat the rhetorical war drum rather than express gratitude for Trump's decision not to order his assassination at the hands of American and Israeli forces during his country's 12-day war with Israel this month. In a Truth Social post, the president groused that Ayatollah Ali Khamenei, the octogenarian cleric who has headed Iran's religious fundamentalist government since 1989, had boasted publicly of having won that short conflict, calling the Iranian leader's claim 'a lie.' 'As a man of great faith, he is not supposed to lie. His Country was decimated, his three evil Nuclear Sites were OBLITERATED, and I knew EXACTLY where he was sheltered, and would not let Israel, or the U.S. Armed Forces, by far the Greatest and Most Powerful in the World, terminate his life,' Trump said. He added: 'I SAVED HIM FROM A VERY UGLY AND IGNOMINIOUS DEATH, and he does not have to say, 'THANK YOU, PRESIDENT TRUMP!'' Trump also suggested that Khamenei should be expressing gratitude for the president's role in pressuring Israeli Prime Minister Benjamin Netanyahu to recall Israel Air Force fighters in the hours before a cease-fire between Israel and Iran went into effect earlier this week, claiming that those planes 'were heading directly to Tehran, looking for a big day, perhaps the final knockout!' 'Tremendous damage would have ensued, and many Iranians would have been killed. It was going to be the biggest attack of the War, by far,' Trump added. Continuing, Trump claimed that he'd spent 'the last few days' working on how to lift longstanding — and in his words, 'BITING' — U.S. sanctions on Tehran to enable the country to have 'much better chance to Iran at a full, fast, and complete recovery.' But he further complained that Khamenei's 'statement of anger, hatred, and disgust' had caused him to have 'immediately dropped all work on sanction relief, and more.' 'Iran has to get back into the World Order flow, or things will only get worse for them. They are always so angry, hostile, and unhappy, and look at what it has gotten them - A burned out, blown up Country, with no future, a decimated Military, a horrible Economy, and DEATH all around them,' he said, adding later that Tehran's leadership had 'no hope' and things would 'only get worse' until they 'realize that you often get more with HONEY than you do with VINEGAR.' The president's pugnacious outburst against Iran's de facto leader came just days after American B-2 stealth bombers dropped more than a dozen 30,000 pound bunker-busting bombs onto a trio of Iranian nuclear sites in what was the largest military action against Tehran since a failed mission to rescue hostages held at the then-American embassy there in 1979. Trump has claimed the bombing runs — plus dozens of cruise missiles launched from an American guided missile submarine — 'obliterated' the Fordow, Natanz and Esfahan nuclear facilities as part of what American officials called 'Operation Midnight Hammer.' The Trump administration has hoped that the strikes that it conducted could force Iran to accept US conditions and stop taking steps toward obtaining a nuclear weapon. But the Iranian parliament voted on Wednesday to fast-track a proposal to effectively stop cooperation with International Atomic Energy Agency, the United Nations' nuclear oversight agency. The United States had initially planned to conduct a sixth round of negotiations before Israel struck Iran. Ahead of the Trump administration conducting its strikes on Saturday, it notified Iran through intermediaries that the strikes would be limited to notify the regime that strikes would be limited and that the United States would not accept any uranium enrichment. At the same time, administration officials have discussed a plan to lure Iran back to the negotiating table including an option to have Arab nations investing $20-30 billion in a non-enrichment nuclear program for Iran for energy purposes while also allowing Iran to access $6 billion sitting in foreign bank accounts that it current cannot access, as well as lifting some foreign sanctions.
Telegraph
an hour ago
- Telegraph
How Lord Mandelson made Nigel Farage laugh
Nigel Farage seemed tickled by a remark from British ambassador to Washington Peter Mandelson at the 4th July celebration put on by the US embassy at Winfield House, the residence of US ambassador Warren Stephens. 'Mandelson had just said that he had been telling the [Trump] administration that Reform has peaked too soon,' explained the party's leader. Farage clearly found this hilarious. But it won't be as funny as if Farage becomes the next prime minister and he is Mandelson's boss. Softer bread, please Lord Kilclooney is not happy. 'Cheese and ham sandwiches in the Lords are too thick – so difficult to chew!' the 87- year-old peer posted on social media this week. When someone asked if his teeth were the problem, Kilclooney – a former deputy leader of the Ulster Unionist Party – replied that he had lost 'most of my teeth over 50 years ago'. Are sandwiches getting ageist? Major's Trumpian eruption Former Conservative prime minister Sir John Major has had enough of US president Donald Trump. 'If someone has their foot on your neck, you may comply with their wishes but you will never forget the foot,' he said in the Edward Heath Lecture at Salisbury Cathedral. 'For every action there is a reaction. When President Trump speaks, he does not do so in a vacuum. His voice echoes around the world. Putin is delighted. So is President Xi.' Major also admitted he does not have a laptop or phone. Wait until he sees Trump's outpourings on Truth Social. Rees-Mogg keeps his head Rarely known to have appeared tieless since teenage years, when asked about his image on the 20 Questions podcast, GB News host Sir Jacob Rees-Mogg cheerfully responds: 'It's just what I am and how I am. I'm also convinced that if I don't wear a tie, my head will fall off. So I keep it on for safety's sake.' A bit extra, Amber Former Conservative home secretary Amber Rudd has been recalling upsetting actors' union Equity when hiring pals and relations as extras for the1994 rom-com Four Weddings and a Funeral when she was the film's 'aristocracy co-ordinator'. She told the Full Disclosure podcast: 'Half my friends, and indeed my parents were in the churches for those things and friends of friends. Word got round: 'You get £100 with Amber – dress up nicely.' Equity weren't very happy.' Stephanie's class endures Stephanie Beacham cheerfully reports that her role as Sable Colby in Dynasty spin-off The Colbys still brings its perks 40 years after the show aired. She tells Best magazine 'The other day I was boarding a train when one of the girls at the station said: 'You can't possibly travel anything but First Class,' and gave me a note to show the conductor! So I did exactly that.' Beacham didn't have to pay the upgrade. Fenced-in peers Peers are up in arms over a £2 million steel 10ft security fence that has been erected around the House of Lords. Tory treasurer Lord Leigh of Hurley says Palace of Westminster architect Charles Barry would be 'spinning in his grave'. He adds: 'We are all up in arms. It apparently costs £2 million – totally ridiculous. Maybe the whips approve, as it will keep some from escaping?' House of Cards author Lord Dobbs says police have told him the fence 'is dangerous, as it cuts off sightlines' to spot undesirables. A Lords spokesman says the fence will 'help to prevent unlawful incursion', adding that 'its neutral colour scheme is in keeping with other recent fences in the area'. The design was signed off a committee comprising the Metropolitan Police, the National Protective Security Authority, Westminster Council and Historic England, an unwieldy ensemble which probably explains how it looks. Fry's AI Potter boost Actor Sir Stephen Fry might have fallen out with J K Rowling, but he has the Harry Potter author to thank for an upside from AI. He told an audience at The Two Brewers pub in south London: 'A year before ChatGPT came out someone sent me a piece of film I narrated about the German occupation of The Netherlands during the Second World War.' Fry did not remember doing it. He then got an email saying 'You won't remember doing this because you didn't do it. This is done by our AI system.' ChatGPT had used Fry's voice from the Harry Potter audiobooks for the documentary. Fry says: 'I was told 'You will get the money as we will licence it'.' Nice work if you can get it. Peterborough, published every Friday at 7pm, is edited by Christopher Hope. You can reach him at peterborough@
