Donald Trump announced Wednesday that the U.S. and China have reached a tentative agreement to restore and expand their trade truce, including renewed access to critical rare earth materials and the reinstatement of visas for Chinese students.
The agreement follows a series of collapsed talks after the May Geneva deal, which initially aimed to lower tariffs and relax export controls. However, disputes over enforcement and new U.S. tariffs—citing fentanyl and trade imbalances—derailed the process. A follow-up phone call between Trump and Chinese President Xi Jinping reopened negotiations in London this week.
Under the new terms, China will supply “full magnets and any necessary rare earths,” while the U.S. will grant visas to Chinese students. Trump also declared a 55% tariff rate on Chinese goods, factoring in baseline global tariffs and earlier China-specific levies. China, in return, will impose a 10% tariff on U.S. products.
Trump praised the outcome on Truth Social: “RELATIONSHIP IS EXCELLENT!”
Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer led the U.S. delegation. Final approval from both Trump and Xi is still pending.
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