President Donald Trump announced Wednesday that the United States and China have reached a trade agreement, contingent upon his and Chinese President Xi Jinping’s final signoff.
Trump took to Truth Social to announce the tentative deal after his trade representatives spent two long days of talks at Lancaster House in London, England, negotiating with Chinese counterparts:
OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. 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!
Breitbart News Economics Editor John Carney, who was reporting outside Lancaster House the past few days, noted talks between the two sides ended near midnight local time on Tuesday.
Departing the talks, Secretary of Commerce Howard Lutnick announced that the sides “reached a framework to implement the Geneva consensus and the call between the two presidents.”
As Carney noted Tuesday night:
In Geneva last month, the U.S. and China reached a preliminary agreement that focused on rare earth shipments from China and reductions of U.S. tariffs on Chinese goods that had climbed above 100 percent. In recent weeks, however, the two countries had come to loggerheads as progress on those measures stalled.
Last week, U.S. President Donald Trump and Chinese leader Xi Jinping spoke on the phone and agreed to a new round of talks to restart the process.
Lutnick, who stood beside U.S. Trade Representative Jamieson Greer outside the historic Lancaster House in London, said both sides would now go back to their presidents and brief them on the results of the talks. Treasury Secretary Scott Bessent had left the talks a few hours earlier for hearings on Capitol Hill. If both presidents approve the deal, the countries will begin to implement the agreement.
The tentative trade agreement, if finalized and adhered to, would end the months-long tariff battle between the nations following Trump’s “Liberation Day” tariff announcements in early April.
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