Former President Donald Trump announced on social media that a trade deal with China is “done,” following two days of high-level negotiations between U.S. and Chinese officials in London
The agreement revives a trade framework initially reached last month in Geneva, signaling renewed cooperation between the world’s two largest economies. China described the talks as “reasonable” and “frank,” emphasizing the importance of both sides honoring their commitments.
“China reiterates that the two sides should act in the same direction… and show the spirit of integrity,” China’s state-run news agency Xinhua reported.
Under the new deal, Trump said U.S. base tariffs on Chinese goods would rise to 55%, while China will impose a 10% tariff on American products. This marks a significant adjustment from the peak of the trade war, when combined tariffs reached as high as 245%.
A key breakthrough in the agreement involves rare earth minerals. China, which holds a near-monopoly on these materials, will now supply them “up front” to the U.S., Trump stated. The issue had previously caused major friction, with China curbing exports to both the U.S. and Europe.
Trump also appeared to soften a previously announced policy from Secretary of State Marco Rubio, which aimed to revoke visas for Chinese students linked to the Communist Party or sensitive academic fields.
“WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!),” Trump posted on Truth Social.
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