U.S. And China Reach Trade Deal, Trump Says

 

The trade agreement includes full magnets and “any necessary rare earths” from China as the U.S. makes concessions on student visas

President Donald Trump on Wednesday said a trade agreement was reached between the U.S. and China, pending final approval from him and Chinese President Xi Jinping, following weeks of escalated tensions between both countries as trade negotiations were carried out.

key Facts

Trump, in a post on Truth Social, said a deal was “done” between the U.S. and China, which will supply “any necessary rare earths” and full magnets as the U.S. makes concessions on allowing Chinese students to attend American universities.

Trump said the U.S. would impose 55% tariffs on Chinese goods, while China would impose a 10% tax on U.S. imports.

Trump said a deal is subject to final approval from Trump and Chinese President Xi Jinping.

Chinese state media said earlier Wednesday Beijing had reached a “framework” for an agreement with the U.S. during talks in London.

Commerce Secretary Howard Lutnick described the agreement as a “handshake for a framework” late Tuesday, indicating the terms of the agreement were in flux: “Once that's done, we will be back on the phone together and we will begin to implement this agreement,” he said.