President Trump on Wednesday said the US and China have struck a deal to ease the trade war between them, reports CNBC. China will supply critical rare earths and magnets "up front," the president wrote in all-caps post on Truth Social. In return, the US "will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!)." Trump said the deal—which was born out of two days of negotiations by economic officials from the respective countries—is still subject to his and President Xi's final approval. "We are getting a total of 55% tariffs, (and) China is getting 10%," Trump wrote, adding that the "relationship is excellent" between the two countries.
- London talks: His confirmation came after senior US and Chinese negotiators signaled they had reached the framework of a deal on mineral and tech exports after the talks in London, per the AP. The outlet adds, however, that it was "not clear whether any progress was made on the more fundamental differences over China's sizeable trade surplus with the United States." Commerce Secretary Howard Lutnick put it this way after the talks on Tuesday: "First we had to get sort of the negativity out and now we can go forward."
- Context: The new deal essentially gets the US and China back to where they were in early May after an agreement was struck in Switzerland, per the New York Times. The Swiss deal subsequently fell apart as China held back shipments of rare earth minerals and magnets.
(Trump and Chinese leader Xi Jinping
spoke by phone last week.)
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