Trump: U.S.-China trade deal reached, rare earth supply and tariff truce secured
ALBAWABA—U.S. President Donald Trump announced today that a new trade agreement between the United States and China "has been reached," following renewed negotiations to revive a fragile tariff truce. Also Read China's export growth decrease in May amid Trump's tariff
The development comes after U.S. and Chinese officials concluded high-level talks in London and agreed on a framework to ease tensions and expand trade cooperation.
In a statement posted on his 'Truth Social' platform, Trump described the current U.S.-China relationship as 'excellent' and detailed several key elements of the deal.
Notably, China has agreed to supply rare earth elements, critical components for many high-tech industries, to the United States in advance. In return, the U.S. will offer certain concessions, including allowing Chinese students to study at American universities and colleges.
Trump emphasized the agreement's economic advantage, stating, 'We'll receive total tariffs of 55%, while China will get only 10%.' He described the deal as 'a big win for both countries,' though he noted it still requires final approval from Chinese President Xi Jinping.
According to U.S. officials, the trade agreement will lift Chinese export restrictions on rare earth minerals and other essential industrial materials, which are vital to sectors ranging from defense to renewable energy.
Speaking to CNBC, U.S. envoy Howard Lutnick confirmed that current tariff levels are expected to remain in place, signaling stability in the ongoing trade dynamics.
Lutnick also indicated that China had agreed to explore further ways to boost trade with the United States. He added that Washington is preparing to finalize additional trade agreements with other countries starting next week.
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