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Trump says US-China trade deal 'is done' Trump claims rare earths deal 'done' with China
(about 4 hours later)
US President Donald Trump has said a deal with China "is done" after two days of talks between top officials in London. Talks aimed at cooling tensions between the US and China have ended in a "deal", according to US President Donald Trump.
Trump said that, subject to final approval from President Xi Jinping and himself, the US will get the rare earth metals it needs, while Chinese students can take up their places at American colleges. He said China had agreed to supply US companies with magnets and rare earth metals, while the US would walk back its threats to revoke visas of Chinese students.
Earlier, the US and China said they had agreed in principle a framework for de-escalating trade tensions between the world's two biggest economies. "Our deal with China is done, subject to final approval from President Xi and me," Trump wrote his media platform Truth Social.
Last month, Washington and Beijing agreed a temporary truce over trade tariffs but each country has since accused the other of breaching the deal. It followed two days of intense talks in London to resolve conflicts that had emerged since the two sides agreed a truce in May, after a rapid escalation of tariffs had nearly paralysed trade between the world's two largest economies.
Posting on his Truth Social platform, the president said: "Our deal with China is done, subject to final approval with President Xi and me. Last week, Trump and China's leader Xi Jinping spoke over the phone to kickstart the negotiations, which involved top officials from both countries.
"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!)." Details about the new agreement were limited. But officials said it would not alter the broad outlines of the May truce, which had lowered - but not eliminated - new tariffs announced by the two countries since Trump launched a new trade war earlier this year.
Top officials from the US and China have been meeting in London "The two sides have, in principle, reached a framework for implementing the consensus reached by the two heads of state during the phone call on 5 June and the consensus reached at the Geneva meeting," China's Vice Commerce Minister Li Chenggang said.
Chinese exports of rare earth minerals, which are crucial for modern technology, were high on the agenda of the meeting in London. US Commerce Secretary Howard Lutnick told reporters the two sides had "reached a framework to implement the Geneva consensus".
Following the talks, US Commerce Secretary Howard Lutnick said the deal between the two countries should result in restrictions on rare earth minerals and magnets being resolved.
The US has criticised China, saying it has been slow to release exports of rare earth metals and magnets which are essential for manufacturing everything from smartphones to electric vehicles.
Meanwhile, Washington has restricted China's access to US goods such as semiconductors and other related technologies linked to artificial intelligence (AI).
"We have reached a framework to implement the Geneva consensus," Lutnick told reporters.
"Once the presidents approve it, we will then seek to implement it," he added."Once the presidents approve it, we will then seek to implement it," he added.
The new round of negotiations followed a phone call between Donald Trump and China's leader Xi Jinping last week which the US President described as a "very good talk". Speaking to broadcaster CNBC on Wednesday, he said the talks had "cleaned up" the Geneva agreement.
"The two sides have, in principle, reached a framework for implementing the consensus reached by the two heads of state during the phone call on June 5th and the consensus reached at the Geneva meeting," China's Vice Commerce Minister Li Chenggang said. "We're totally on the right track," he said. "Things feel really good."
When Trump announced sweeping tariffs on imports from a number of countries earlier this year, China was the hardest hit. Beijing responded with its own higher rates on US imports, and this triggered tit-for-tat increases that peaked at 145%. Top officials from the US and China have been meeting in London
The negotiations in London were triggered in part by US concerns that China was being too slow to release exports of its magnets and rare earth minerals, which are essential for manufacturing everything from smartphones to electric vehicles.
Beijing in turn has criticised controls the US has put in place to limit the country's access to semiconductors and other related technologies linked to artificial intelligence (AI) and the Trump administration's plans to limit visas for Chinese students.
Speaking to CNBC, Lutnick said the US had agreed to remove some "counter-measures" without being specific about the response.
Treasury Secretary Scott Bessent, who was testifying before Congress on Wednesday, said the recent talks had been narrowly focused and a more comprehensive deal would take time.
"It will be a much longer process," he said.
When Trump announced sweeping tariffs on imports from a number of countries earlier this year, China was the hardest hit.
China responded with its own higher rates on US imports, triggering further tit-for-tat increases.
In May, talks held in Switzerland led to a temporary truce that Trump called a "total reset".In May, talks held in Switzerland led to a temporary truce that Trump called a "total reset".
It brought US tariffs on Chinese products down to 30%, while Beijing slashed levies on US imports to 10% and promised to lift barriers on critical mineral exports. It gave both sides a 90-day deadline to try to reach a trade deal. It brought Trump's new US tariffs on Chinese products down from 145% to 30%, while Beijing slashed levies on US imports to 10% and promised to lift barriers on critical mineral exports. It gave both sides a 90-day deadline to try to reach a trade deal.
But the US and China have since claimed breaches on non-tariff pledges. But the US and China subsequently claimed breaches on non-tariff pledges.
US Trade Representative Jamieson Greer said China had failed to rollback restrictions on exports of rare earth magnets. In his social media post, Trump said the US would have tariffs on Chinese goods of 55%, but officials said the figure included tariffs put in place during his first term.
Beijing said US violations of the agreement included stopping sales of computer chip design software to Chinese companies, warning against using chips made by Chinese tech giant Huawei and cancelling visas for Chinese students. Markets showed little response to the deal, which Terry Haines, founder of the Washington-based consultancy Pangaea Policy, described as having both "very limited scope and unfinished status".
Ahead of this week's talks, the Chinese Ministry of Commerce said on Saturday that it had approved some applications for rare earth export licences, although it did not provide details of which countries were involved. "Setting the Geneva 'pause' back on track is the smallest of accomplishments, and doesn't suggest that a broad US-China trade deal or geopolitical rapprochement is any closer in the foreseeable future," he wrote.
Trump said on Friday that Xi had agreed to restart trade in rare earth materials.