President Trump confirmed early Wednesday that the US reached a “deal” with China following intense trade negotiations in London.
“Our deal with China is done, subject to final approval with President Xi and me,” Trump announced on Truth Social Wednesday. “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 (which has always been good with me!). We are getting a total of 55% tariffs, China is getting 10%. The relationship is excellent! Thank you for your attention to this matter!”
Trump had a “very good” call with Xi last week after trade talks had stalled between the two economic giants.
Commerce Secretary Howard Lutnick announced late Tuesday that the US and China “reached a framework to implement the Geneva consensus,” referring to the trade truce in May that saw US tariffs drop from 145% to 30% on most Chinese goods.
Implementation of that agreement had briefly stalled after the two sides accused each other of violating its terms.
