Trump claims deal with China ‘is done'
Washington has finalized a long-sought trade deal with Beijing, US President Donald Trump announced on social media on Wednesday. The agreement is still awaiting his final approval and that of Chinese President Xi Jinping, he added.
Tensions between the world's two largest economies escalated in April, when Trump imposed broad new tariffs targeting over 90 countries, including China, citing trade imbalances. Beijing retaliated, triggering a standoff that pushed tariffs up to 145% by the US and 125% by China. Following breakthrough negotiations in Geneva last month, both sides agreed to temporarily suspend most new tariffs, pending further talks. However, each side has since accused the other of violating the Geneva terms and stalling talks on key issues, such as export controls.
'Our deal with China is done, subject to final approval with President Xi and me,' Trump wrote on Truth Social on Wednesday. The full details remain unclear, although the US leader outlined some key points.
'We are getting a total of 55% tariffs, China is getting 10%. Relationship is excellent!' Trump wrote. 'Full magnets, and any necessary rare earths, will be supplied, up front by China. Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities.'
Neither the White House nor Chinese authorities have commented on Trump's announcement. Commenting on Wednesday after two days of talks in London, US Commerce Secretary Howard Lutnick told reporters a framework deal had been reached, calling it 'meat on the bones' of the Geneva agreement. He cited China agreeing to lift restrictions on rare earth exports and Washington easing certain export bans 'in a balanced way,' but offered no further details.
China's vice commerce minister, Li Chenggang, also confirmed a trade framework had been reached 'in principle' pending approval from both leaders. The new round of talks followed a phone call between Trump and Xi last week, which the US president described as 'very good.'
Chinese exports of rare earth minerals and magnets, critical for modern technology, were high on the London talks agenda. The US had previously criticized Beijing for delaying the removal of export controls on the resources, essential for manufacturing products such as smartphones and electric vehicles. Meanwhile, Washington limited China's access to US semiconductors and other technologies linked to artificial intelligence. It remains unclear if the restrictions will be lifted under the new deal.
The two sides face an August 10 deadline to finalize a broader trade deal or possibly see tariffs return to the triple-digit levels imposed in April.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Russia Today
9 hours ago
- Russia Today
Russian envoy reveals details of Trump meeting
Russia's new ambassador to the US, Aleksandr Darchiev, said he held a brief but 'very constructive' meeting with President Donald Trump on Wednesday, after formally presenting his credentials at the White House. Trump held a phone call with Russian President Vladimir Putin on June 4 – their fourth conversation since Trump returned to the White House. 'We agreed on the need to restore ties in accordance with the instructions issued by Presidents Putin and Trump during their phone conversation,' Darchiev told RIA Novosti at the Russian Embassy following the meeting. 'I assured the president that, in line with the directives I received, I will do everything possible to help restore Russian-US relations and return them to a state of normalcy and common sense,' he added. 'A window of opportunity has opened to rebuild relations on the basis of mutual trust and equality,' the envoy said. 'Russia and the United States are destined, as great powers, to have a non-confrontational and peaceful coexistence.' Darchiev noted that the two sides are discussing business initiatives and the resumption of direct flights. He told TASS earlier that the embassy would work toward lifting what he called 'absurd' restrictions on Russian diplomatic activity in the US, as well as simplifying visa procedures. Under former President Joe Biden, the US severed nearly all direct contact with Russia in 2022 over the Ukraine conflict and imposed sweeping sanctions on Russian officials and businesses. Trump has criticized his predecessor for sidelining diplomacy and pledged to broker a peace deal between Moscow and Kiev. While Moscow has praised Trump and his team for their shift in rhetoric and willingness to engage, no breakthrough has been achieved. Trump has threatened to impose additional measures on Russia if a ceasefire is not reached, but he has not endorsed the sanctions bill currently under consideration in the Senate.
Russia Today
13 hours ago
- Russia Today
Trump could lead both US and Israel
US Special Envoy to the Middle East Steve Witkoff has quipped that Donald Trump could serve as both US president and Israeli prime minister. While Trump has traditionally positioned himself as strongly pro-Israel, Witkoff's remarks come amid reports of a strong rift between the US leader and Prime Minister Benjamin Netanyahu. Speaking at a fundraising gala for the emergency response group United Hatzalah in New York on Wednesday, Witkoff described Trump as 'an incredible friend to the Jewish people.' 'No disrespect to Prime Minister Netanyahu, who I actually spoke to today, but I think President Trump could be the first sitting president who could be prime minister of Israel at the same time,' Witkoff said, drawing laughter and applause from the audience. The envoy also stressed that the two countries must act together to prevent Iran from acquiring nuclear weapons, 'no matter the cost.' Tehran has denied that it has plans to develop the weapons, insisting its nuclear program is for peaceful purposes only. In October 2022, Trump said he 'could easily be PM' of Israel, suggesting that 'no President has done more for Israel than I have.' The Trump administration has typically had close ties with Israel. However, media reports indicate that there are growing policy differences with Netanyahu over the war in Gaza and other regional issues. According to CNN, Trump has urged Netanyahu to end the conflict with Hamas, which has brought unprecedented destruction and loss of life to the Palestinian enclave, while pressuring him to abandon plans for a military strike against Iran. Tensions have also been fueled by the recent US decision to conclude a ceasefire with the Houthis in Yemen, who back Hamas, and the lifting of sanctions on Syria. Netanyahu has stated that Israel's goal remains the complete destruction of Hamas, promising last month that 'all of the territories of the Gaza Strip will be under Israel's security control' once the offensive in the enclave is complete. He also dismissed reports of a breakdown in ties with Washington.
Russia Today
13 hours ago
- Russia Today
Hollywood giants sue AI firm over ‘piracy'
Hollywood giants Disney and Universal have filed a joint lawsuit against artificial intelligence firm Midjourney, accusing it of large-scale copyright infringement. The complaint, filed on Wednesday in the US District Court in Los Angeles, alleges that the AI image generator illegally used the studios' copyrighted works to train its software and create unauthorized reproductions of iconic characters. According to the 110-page complaint, Midjourney used 'countless' copyrighted works from both studios without permission. The San Francisco-based company, founded in 2021, earned $300 million in subscription revenue last year, the lawsuit said. The studios described Midjourney as 'the quintessential copyright free-rider and a bottomless pit of plagiarism.' The lawsuit claims the company's AI models reproduced characters from franchises including Star Wars, Marvel, The Simpsons, Shrek, Minions, Kung Fu Panda, and How to Train Your Dragon. The plaintiffs said Midjourney ignored multiple cease-and-desist letters and requests to implement safeguards. Instead, the company released updated versions of its tool capable of generating higher-quality images, and is preparing to launch an AI-driven video service that is allegedly being trained on copyrighted material without authorization. 'Midjourney could easily stop its theft and exploitation,' the studios wrote, but has instead continued its 'bootlegging' business practices in defiance of US copyright law. The lawsuit stresses that only the studios have the right to commercialize their characters, whether through merchandise, video games, or subscription services. 'We are bullish on the promise of AI technology and optimistic about how it can be used responsibly... but piracy is piracy,' Disney's chief legal officer Horacio Gutierrez said. NBCUniversal's general counsel, Kim Harris, said the company is suing to protect artists and its substantial investment in content. The studios are seeking a preliminary injunction to stop Midjourney from copying their works and launching its video service without proper copyright protections. They also are also seeking damages, though no specific figure has been listed. Midjourney has not responded to media requests for comment. Similar lawsuits have been filed against other AI startups that train models using data from the internet. The New York Times sued OpenAI and Microsoft for copyright infringement in 2023. Last year, Sony Music, Universal Music Group, and Warner Records filed lawsuits against AI music generators over unauthorized use of recordings. However, Disney and Universal are the first major Hollywood studios to sue an AI firm for copyright infringement.
