The US-China London trade negotiations concluded late Tuesday night local time on June 10th. Both sides have reached an agreement on a framework deal. US President Trump announced on Wednesday that, as part of the trade agreement, China will supply rare earths to the US in advance.
In a post on his social media platform “Truth Social,” Trump said that a preliminary agreement has been reached between the US and China, but it still needs final approval from him and Chinese Communist Party leader Xi Jinping.
The president also revealed details of the agreement in the post, stating, “All magnets and any necessary rare earths will be supplied in advance by China; likewise, we will provide to China what we agree to provide, including allowing Chinese students to use our colleges and universities (I have no problem with that).”
Trump also mentioned the tariffs imposed by both sides, with the US imposing a total tariff of 55% and China at 10%.
Following the conclusion of the London trade talks on Tuesday, US Commerce Secretary Howard Lutnick stated in London, “We have reached a framework agreement to implement the Geneva consensus and the content of the call between the two heads of state.” Lutnick said, “Our idea is that we will go back and communicate with President Trump to ensure his approval of the agreement; they (the Chinese side) will also go back and communicate with CCP leader Xi Jinping to ensure his approval of the agreement.”
“Once the two heads of state approve, we will proceed with implementing the agreement,” added Lutnick.
At another press conference, Chinese Ministry of Commerce Vice Minister Li Chenggang also stated that both sides have reached a trade framework agreement and will submit it to the two heads of state.