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Trump Says China Will Supply Rare Earths, US to Allow Students

Ayer 14:34

President Donald Trump announced that a trade agreement with China has been finalized. Under this deal, China will provide magnets and rare earth minerals, while the U.S. will permit Chinese students to enroll in American colleges and universities.

Trump highlighted the terms on Truth Social, stating that the U.S. will impose tariffs of 55%, compared to China's 10%. He mentioned that the deal awaits final approval from himself and President Xi Jinping.

The agreement aims to eliminate China's export restrictions on rare earths, although it does not fully resolve ongoing trade tensions. After two days of negotiations in London, U.S. Commerce Secretary Howard Lutnick described the framework as adding substance to a previous agreement made in Geneva to reduce mutual tariffs that had escalated significantly.

This new deal follows China's restrictions on critical mineral exports, which led the Trump administration to implement export controls on various goods to China. The evolving tariff policies have created uncertainty in global markets and affected businesses significantly.

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