Trump announces trade deal between the U.S. and China

U.S. President Donald Trump has announced that a trade agreement has been reached between the United States and China. This announcement came just hours after negotiators from Washington and Beijing reached a consensus on a framework.

According to a report by the global news agency Reuters, Trump wrote on his Truth Social media platform, "Our deal with China is finalized, pending final approval by President Xi Jinping and myself."

He further stated that China would provide full access to magnets and critical rare earth elements in advance. Similarly, the U.S. will supply China with agreed items, including allowing Chinese students to study at American colleges and universities. We are receiving a 55% tariff benefit, while China is receiving 10%.

A White House official said that the 55% tariff includes the 10% "reciprocal" tariffs Trump had imposed on imports from almost all of America’s trade partners. It also includes an additional 20% tariff on Chinese imports that Trump had earlier imposed on China, Mexico, and Canada, citing their alleged role in facilitating the smuggling of narcotics (fentanyl) into the United States.

In addition to this, there is also the pre-existing 25% tariff that was imposed on Chinese imports during Trump’s first term in the White House.

Later, Donald Trump posted: "President Xi and I will work together to ensure American trade in China—this will be a big win for both countries!!!"

Earlier, during ongoing trade negotiations between the U.S. and China in London, a significant breakthrough was reported when both countries agreed on a framework aimed at easing export restrictions and maintaining a mutual tariff truce.

Yesterday, American and Chinese officials announced they had reached a framework agreement designed to put the trade ceasefire back on the right track and lift China's restrictions on the export of rare minerals. However, no clear indication was given regarding a permanent resolution of the longstanding trade disputes.

At the conclusion of the two-day talks in London, U.S. Commerce Secretary Howard Lutnick told reporters that this framework agreement provides a solid foundation for the accord reached last month in Geneva, which aimed to reduce tariffs between the two countries, as the rates had reached triple digits and become dangerously high.