WASHINGTON: US President Donald Trump on Wednesday described ties with China as excellent, announcing a trade deal with Beijing after two days of talks focused on preserving a truce in their ongoing trade war.
Trump announced on his Truth Social platform that China had agreed to supply rare earth minerals and magnets — critical components for key US industries — while the United States would permit Chinese students to continue studying at American universities.
His statement came just hours after senior US and Chinese negotiators unveiled a “framework” agreement late Tuesday, following two days of intensive talks in London.
“Our deal with China is done,” Trump wrote, adding that the agreement was still “subject to final approval with President Xi (Jinping) and me.”
“President XI and I are going to work closely together to open up China to American Trade,” he said in a second post. “This would be a great WIN for both countries!!!”
US stock markets reacted with little enthusiasm to Trump’s latest remarks, as the broad-based S&P 500 and the Dow remained flat, while the tech-focused Nasdaq saw a slight uptick in early trading.
US-China talks
During talks in Geneva last month, the United States and China agreed to scale back their escalating tit-for-tat tariffs, which had reached triple-digit levels. However, tensions resurfaced when Trump accused Beijing of breaching the agreement.
Washington raised concerns over delays in rare earth shipments after China, in early April, introduced a licensing requirement for domestic exporters—a move widely interpreted as retaliation against US tariffs.
Rare earth elements are essential components in a wide range of technologies, including electric vehicles, hard drives, wind turbines, and missile systems.
Speaking in London on Tuesday, US Commerce Secretary Howard Lutnick said the US would likely ease some of its trade measures once China proceeds with approving more export licenses for rare earths.
In his Truth Social post, Trump said China will supply “full magnets, and any necessary rare earths… up front.”
On Wednesday, Trump said: “We will provide to China what was agreed to, including Chinese students using our colleges and universities.”
In a readout released by Chinese state media on Wednesday, Vice Premier He Lifeng, who led Beijing’s delegation in the London talks, stressed the importance of enhancing cooperation and maintaining constructive dialogue between the two countries moving forward.
“As a next step, the two sides should… continuously enhance consensus, reduce misunderstandings and strengthen cooperation,” He Lifeng said, according to state broadcaster CCTV.
Speaking to reporters in London, China International Trade Representative Li Chenggang said: “Our communication has been very professional, rational, in-depth and candid.”
