London: US President Donald Trump announced on Wednesday that a trade deal has been reached with China after ongoing negotiations in London. "Our deal with China is done, subject to final approval with President Xi and me," Trump shared on his Truth Social platform.
According to Kuwait News Agency, the agreement outlines that the United States will receive magnets and rare earth minerals from China. In return, tariffs on Chinese goods will increase to 55 percent, while China will benefit from a reduced tariff rate of 10 percent on some of its exports to the United States.
Additionally, the agreement includes provisions for educational exchanges, with the United States allowing Chinese students to attend American colleges and universities. This aspect of the deal is seen as a move to foster better cultural and educational ties between the two nations.
This trade deal marks a significant development in US-China relations, addressing key areas of trade imbalance and resource dependency.