Trump to hold new China tariffs at 30%

Trump stated that China had agreed to provide U.S. companies with magnets and rare earth minerals, while the U.S. would withdraw its threats to revoke visas for Chinese students.

“Our deal with China is done, subject to final approval from President Xi and me,” Trump wrote on his media platform, Truth Social.

The announcement followed two days of intense negotiations in London, intended to resolve disputes that had flared since a temporary truce was struck in May, after rapidly escalating tariffs had nearly brought trade between the world’s two largest economies to a halt.

Last week, Trump and Chinese President Xi Jinping spoke by phone to launch the renewed discussions, which involved senior officials from both sides.

While full details of the agreement remain limited, officials noted that the deal would not significantly alter the core elements of the May truce. That earlier understanding had scaled back — though not entirely removed — new tariffs imposed since Trump reignited the trade war earlier this year.

“The two sides have, in principle, reached a framework for implementing the consensus reached by the two heads of state during the phone call on 5 June and the consensus reached at the Geneva meeting,” said China’s Vice Commerce Minister Li Chenggang.

U.S. Commerce Secretary Howard Lutnick echoed that sentiment, telling reporters the parties had “reached a framework to implement the Geneva consensus.”

“Once the presidents approve it, we will then seek to implement it,” he said, adding in an interview with CNBC that the talks had “cleaned up” the earlier Geneva deal.
“We’re totally on the right track,” he said. “Things feel really good.”

White House Press Secretary Karoline Leavitt said President Trump was reviewing the deal’s terms and added, “But what the president heard, he liked.”

The London talks were partly driven by U.S. frustration over delays in Chinese exports of magnets and rare earth materials — critical components for products ranging from smartphones to electric vehicles.

In response, Beijing had voiced concern over U.S. export controls restricting China’s access to semiconductors and other AI-related technologies, along with the Trump administration’s proposed visa limits for Chinese students.

Speaking with CNBC, Lutnick said the U.S. had agreed to lift certain “counter-measures,” though he declined to specify which ones.

Meanwhile, Treasury Secretary Scott Bessent, testifying before Congress on Wednesday, noted that the talks had focused narrowly on specific issues. He cautioned that a broader agreement would take more time to develop.

“It will be a much longer process,” Bessent said.
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