In a major development, US President Donald Trump has announced that a trade deal with China is “done,” following intensive negotiations in London between officials from both countries. The deal aims to reset a previously fragile truce and ease tensions around tariffs and export restrictions.
Trump, posting on his social media platform Truth Social, said the agreement awaits final approval from both himself and Chinese President Xi Jinping. As part of the deal, China will resume exports of rare earth minerals and magnets to the US, while the US will uphold agreed-upon measures, including allowing Chinese students to continue studying in American institutions.
The deal includes a 55% cumulative tariff rate on Chinese goods entering the US—a combination of pre-existing and new tariffs—and a 10% tariff rate on US goods entering China. A White House official clarified this figure comprises a 10% baseline tariff, a 20% punitive tariff related to fentanyl concerns, and an existing 25% tariff from Trump’s first term.
Commerce Secretary Howard Lutnick stated that the agreement implements the “Geneva consensus,” reached last month but stalled over China’s restrictions on critical minerals. These new talks, prompted by a recent Trump-Xi phone call, revived momentum for a broader trade accord.
China’s Ministry of Commerce confirmed that a framework had been agreed upon and would now be presented to both leaders for final approval. However, full details of the agreement’s implementation are still pending.
While this marks a potential breakthrough, experts caution that fundamental disagreements—particularly regarding tariffs and China’s economic model—remain unresolved. The World Bank recently downgraded global growth forecasts, citing continued uncertainty from trade disputes.
A deadline of August 10 still looms for a more comprehensive deal. Without it, tariffs could rise steeply again, threatening to reignite trade tensions.
LND/SAE
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