U.S. President Donald Trump has hailed as “excellent” the newly reached agreement with China, following two days of intense negotiations aimed at maintaining a truce in the ongoing trade war between the two global superpowers.
In a post on his platform Truth Social, Trump stated that China will supply the U.S. with rare earth minerals and magnets critical components for American industry while Washington will allow Chinese students to continue their studies at U.S. universities.
The post came after U.S. and Chinese chief negotiators announced late Tuesday a framework agreement, following marathon talks in London.
“Our agreement with China has been reached,” Trump wrote, adding that it still awaits “final approval from President Xi Jinping and myself.”
“Working closely together, President Xi and I will open the Chinese market to American trade,” he added in a separate post.
Following more than 20 hours of negotiations, U.S. Secretary of Commerce Howard Lutnick said on Wednesday that talks were “on track.”
“They will immediately approve all applications for magnets from American companies,” Lutnick told CNBC, referring to what is expected once the agreement receives the green light from both Trump and Xi.
He added that the U.S. will lift its own trade restrictions once China fulfills its commitments, but the current tariff levels imposed by the U.S. will remain unchanged for now.
Meanwhile, U.S. Treasury Secretary Scott Bessent told lawmakers that economic relations with China could be rebalanced if Beijing proves to be a “reliable partner in trade talks.”
Both parties had agreed to reduce reciprocal tariffs during talks held last month in Geneva, although the deal appeared to falter when Trump accused China of violating its terms.
Washington had expressed concerns about slowing supplies of rare earth minerals after China, in early April, began requiring domestic exporters to apply for licenses—a move widely seen as retaliation for U.S. tariffs.
Rare earth minerals are vital for a wide range of technologies, from electric vehicles to hard drives, wind turbines, and missiles.
Trump stated that China would provide “ready-to-use magnets and any necessary rare earth mineral.”
He also announced that Washington will impose a 55% tariff on Chinese goods, while Beijing will levy a 10% tariff on American products.
These rates are consistent with those agreed during a previous truce in the trade war, which temporarily reduced U.S. tariffs from 145% and China’s from 125%.
