ISLAMABAD: US President Donald Trump declared the US-China trade deal “done,” following intense negotiations aimed at restoring a fragile trade truce between the two economic giants.
The announcement came after two days of talks in London, which sought to build on a preliminary agreement made in Geneva last month.
This agreement focuses on easing retaliatory tariffs and removing Chinese export restrictions on critical industrial materials such as rare earth minerals and magnets.
Key Details of the Trade Agreement
Trump shared early details on his social media platform, Truth Social, highlighting that China will supply full magnets and necessary rare earths upfront.
The US will also provide agreed benefits, including continued access for Chinese students to American colleges and universities.
Tariffs were outlined, with the US imposing a combined 55% tariff on Chinese imports, while China will maintain a 10% tariff on US goods.
Background and Future Outlook
The deal follows a call between Trump and Chinese President Xi Jinping, which helped break a deadlock caused by China’s export curbs and US export controls.
US Commerce Secretary Howard Lutnick described the London talks as adding substance to the Geneva agreement, aiming to remove export restrictions in a balanced manner.
However, full implementation depends on final approvals by both presidents.
Despite progress, challenges remain as the two sides have fundamentally different views on tariffs and trade practices.
The agreement prevents the trade war from escalating but does not fully resolve underlying economic disputes.
Analysts note that while the talks have improved the situation, much work remains to reach a comprehensive deal by the August 10 deadline.
