U.S. President Donald Trump announced that a trade agreement with China is effectively complete, following two days of intensive negotiations in London earlier this week.
In a post on Truth Social Wednesday, Trump declared, “OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME,” emphasizing that his relationship with Chinese President Xi Jinping remains “excellent.”
In a separate message, Trump added that he and Xi plan to collaborate closely to expand American trade access to China, calling it “a great WIN for both countries!!!”
As part of the deal, Trump noted that the U.S. will gain access to China’s supply of rare earth minerals and magnets—resources that American negotiators had prioritized during the talks. In return, Chinese students will continue to be allowed to study at American colleges and universities.
Trump also revealed that U.S. tariffs on Chinese imports will stand at 55%, while China will impose a 10% duty on American goods.
On Tuesday, officials from both countries confirmed they had established a framework to revive their stalled trade truce. U.S. Commerce Secretary Howard Lutnick stated that the new agreement builds on a pact reached in Geneva last month and “puts meat on the bones” of the prior discussions, which aimed to scale back steep retaliatory tariffs.
That earlier Geneva agreement had stumbled due to China’s restrictions on exporting critical minerals, prompting the Trump administration to retaliate by imposing its own export controls—banning the sale of semiconductor design tools, aircraft, and other key technologies to China.
Trump’s unpredictable tariff strategy has shaken global markets, injecting uncertainty into trade outlooks and inflicting financial strain on companies through lost revenue and increased operational costs.
