President Donald Trump announced Wednesday that the U.S. had reached a trade agreement with China following two days of negotiations in London, according to a report by the New York Post.
"Our deal with China is done, subject to final approval with President Xi and me," Trump revealed in a post on Truth Social. "Full magnets, and any necessary rare earths, will be supplied, up front, by China."
"We are getting a total of 55% tariffs, China is getting 10%. The relationship is excellent!" Trump added.
The agreement builds on last month’s Geneva consensus, which saw U.S. tariffs drop to 30% from 145% on most Chinese goods, while China lowered its tariffs on U.S. goods to 10% from 125%. The 55% tariff rate represents a combination of existing duties rather than new increases.
Commerce Secretary Howard Lutnick said the countries "reached a framework to implement the Geneva consensus." The new arrangement will see China ease barriers on rare earth minerals.
White House press secretary Karoline Leavitt said Trump was "reviewing the details" and that the two countries were "in a great place right now."
The deal also allows Chinese students to attend U.S. colleges and universities. China's Vice Commerce Minister Li Chenggang confirmed the agreement, which remains subject to approval by both Trump and Chinese President Xi Jinping.
