The United States and China have reached a new trade agreement described by former President Donald Trump as “a done deal,” involving rare earth exports and Chinese students’ access to U.S. colleges.
“Our deal with China is done, subject to final approval with President Xi and me,” Trump wrote on Truth Social after two days of talks concluded in London.
“Full magnets, and any necessary rare earths, will be supplied, up front, by China,” he added. “We are getting a total of 55 per cent tariffs, China is getting 10 per cent.”
He later posted that he and Xi would “work closely together to open up China to American trade.”
Officials confirmed the deal revives a Geneva framework that had paused high tariffs for 90 days. Tensions had flared over alleged truce violations, but both sides now agree “in principle” to move forward.
Chinese Vice-Premier He Lifeng stated, “China does not want a trade war, but it is not afraid of one,” emphasizing dialogue and mutual benefit. U.S. Commerce Secretary Howard Lutnick called the outcome “a handshake for a framework.”