US President Donald Trump has announced that the trade deal with China is done after the talks between the two countries in London this week. As a part of a trade agreement, China will supply rare earths upfront to the US, while Chinese students will get US visas.
In a Truth social post, Trump announced that Beijing will supply the US with full magnets and all necessary rare earth materials. However, he said the deal with China is subject to final approval with President Xi Jinping and him.
He added that the relationship between the two countries is excellent and China will maintain its current 10 percent tariffs on goods imported from the U.S, while the US will keep 55 percent tariffs on Chinese imports. This announcement follows weeks of escalated tensions between the two countries.
The announcement follows weeks of escalated tensions between the two countries and two days of intense trade negotiations. Central to the deal is China’s commitment to supply essential magnets and any necessary rare earth materials to the United States, a critical issue that had previously stalled talks in London.
According to Donald Trump’s statement, the US will, in return, permit Chinese students to continue their studies at American colleges and universities, a move welcomed by both sides.
However, the agreement remains subject to final approval by President Trump and Chinese President Xi Jinping.
“Our deal with China is done, subject to final approval with President Xi and me. 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%. Relationship is excellent! Thank you for your attention to this matter!” Trump wrote on Truth Social.