2 days ago
US-China Trade Deal 'Done': Trump
The US and China have agreed on a trade deal after two days of talks in London between American and Chinese officials.
On Wednesday, the US President, Donald Trump, announced that a deal with China had been finalized. 'Our deal with China is done,' he posted on his Truth Social platform. US-China Trade Deal
Trump added that the deal, which is subject to approval from China's President Xi Jinping and himself, will grant the US access to the rare earth metals it needs, while the Chinese college students will be able to attend American universities.
'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,' he said.
'We are getting a total of 55% tariffs, China is getting 10%. Relationship is excellent!' Trump noted. Framework Agreement
The announcement followed two days of negotiations between American and Chinese officials in London to resolve trade disputes and ease export restrictions, reported Reuters.
Both sides agreed on Tuesday on a 'framework deal' that adds crucial details to implement the consensus reached last month in Geneva to ease reciprocal retaliatory tariffs, according to the US Commerce Secretary, Howard Lutnick.
'We have reached a framework to implement the Geneva consensus and the call between the two presidents,' Lutnik said, referring to a phone call last week between Trump and Xi, which the US President said was a 'very good talk.'
Lutnik told reporters that the framework would remove restrictions on Chinese exports of rare earth minerals and magnets and some of the recent US export restrictions 'in a balanced way,' without providing details.
Similarly, the Chinese Vice Commerce Minister, Li Chenggang, said in a separate briefing that the US and China had reached a trade framework 'in principle' pending the approval of both presidents. Geneva Talks
Last month, the US and China agreed to suspend most of their reciprocal tariffs for 90 days, following two days of talks in Geneva, Switzerland.
Both sides announced in a joint statement that they agreed on a 110% tariff reduction for 90 days. Thus, the US would reduce tariffs on Chinese goods from 145% to 30%, while China would lower duties on US goods from 125% to 10%, taking effect on May 14, 2025.
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