Trump says China deal ‘done’ pending Beijing approval
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The news: US President Donald Trump has said that a US-China trade deal is “done,” and that the framework included an agreement for China to supply rare earths “up front” and will allow Chinese students to attend US universities.
The numbers: Trump’s comments made via Truth Social on Wednesday said that the US tariff rate would be a “total” of 55%, while “China is getting 10%.”
A White House official confirmed to Bloomberg that the figure includes a 10% baseline duty, a 20% charge tied to fentanyl trafficking and roughly 25% from preexisting levies from Trump’s first term as well as most favoured nation rates.
The context: Trump's post said that the deal “with China is done, subject to final approval with President Xi and me.”
Trump added in a second post on Wednesday: “Adding to the China readout, President XI and I are going to work closely together to open up China to American Trade. This would be a great WIN for both countries!!!”
The pending agreement follows two days of talks between US and Chinese officials, including Commerce Secretary Howard Lutnick and China’s Vice Premier He Lifeng in London. The officials were able to reach agreement on implementing the terms of the tariff truce.
Trump’s comments follow reports that China’s Vice Premier He Lifeng was urging the US to comply with the trade deal after arduous talks in London. “As a next step, the two sides should follow the important consensus and requirements reached by the two heads of state on the phone call, further play a good role in the China-US economic and trade consultation mechanism,” He said in a statement published by state broadcaster China Central Television on Wednesday.
The two sides should “show the spirit of good faith in abiding by their commitments and jointly safeguard the hard-won results of the dialogue,” He added, without offering further details on the specifics of the framework.
The sources: Trump Truth Social post, Bloomberg
