The U.S. and China have a framework trade deal on rare earths. Trump calls the deal "done," but it awaits final approval from both leaders.
High-level trade talks between the United States and China in London this week have culminated in what is being described by officials as a "framework" agreement. The discussions, held at Lancaster House on Monday and Tuesday, centred on critical economic issues, including U.S. access to Chinese rare earth minerals and magnets, and Chinese access to U.S. technology.
Following the negotiations, President Donald Trump announced on his Truth Social platform that a deal with China is "done," pending final approval from himself and Chinese President Xi Jinping. In his post, Trump stated, "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."
He further added, "LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS U.S.ING 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!"
While Trump has characterised the agreement as definitive, reports from various international news outlets describe the outcome as an "agreement in principle." Officials from both sides have indicated that the framework will now be presented to their respective leaders for final endorsement.
The talks in London aimed to de-escalate ongoing trade tensions between the two economic giants. The issue of rare earth minerals, which are crucial for numerous high-tech manufacturing sectors in the U.S., was a key point of negotiation.
The proposed tariff rates mentioned by Trump—55% for the U.S. and 10% for China—would mark a significant development in the trade relationship. The mention of facilitating access for Chinese students to U.S. universities addresses another point of recent friction.
Chinese officials have also confirmed that a consensus on a framework was reached. However, their public statements have emphasised that the agreement is a preliminary step and requires further approval. The relationship between the two nations has been strained, with both sides imposing tariffs and restrictions on various goods and technologies. This latest development, though its finality is depicted differently by Trump and official reports, suggests a potential pathway to resolving some of the major trade disputes.
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