Trump Has a Huge Update on Trade Deal With China

Leah Barkoukis | June 11, 2025 9:30 AM

President Donald Trump on Wednesday announced the U.S.’s trade deal with China is complete.

“Our deal with China is done, subject to final approval with President Xi and me,” he wrote on Truth Social in all caps. “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!). We are getting a total of 55% tariffs, China is getting 10%. Relationship is excellent! Thank you for your attention to this matter.”

The statement comes after the U.S., represented by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer, met with their Chinese counterparts for two days of talks in London.

The agreement, the full details of which were not immediately released, is intended to return the relationship to the terms that the United States and China reached in Switzerland last month. That deal fell apart in recent weeks, after China continued to restrict shipments of valuable rare earth minerals and magnets needed by U.S. manufacturers. [...]
The expression of support from Mr. Trump came hours after Commerce Secretary Howard Lutnick, who was part of the negotiating team, told reporters gathered in London following the talks that American concerns over China’s restrictions on exports of minerals and magnets had been resolved. He also said that the measures that the United States had taken in response to those Chinese restrictions would be reversed “in a balanced way.”
U.S. officials had tried to put pressure on China in recent weeks by clamping down on exports of American products and technology, including chemicals, airplane parts and software, as well as proposing barring Chinese students from enrolling in universities in the United States.
A person familiar with the negotiations who was not authorized to speak publicly said the Chinese side had agreed to begin sending the United States rare earths, while the United States would roll back export controls implemented on Chinese products since the meeting in Geneva, and that both efforts would happen simultaneously. (NYT)