OAN Staff James Meyers
8:26 AM – Wednesday, June 11, 2025
President Donald Trump announced Wednesday morning that the U.S. has reached a deal with China following intense trade negotiations in London.
“Our deal with China is done, subject to final approval with President Xi and me,” Trump announced on Truth Social Wednesday in full capitalization. “Full magnets, and any necessary rare earths, will be supplied, up front, by China.”
Advertisement“Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!). We are getting a total of 55% tariffs, China is getting 10%. The relationship is excellent! Thank you for your attention to this matter!”
“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!!”
This comes after Commerce Secretary Howard Lutnick had announced Tuesday evening that both sides “reached a framework to implement the Geneva consensus,” which refers to the trade truce that the U.S. and China agreed to in May that saw U.S. tariffs drop from 145% to 30% on most Chinese goods.
The truce also had China agree to lower its tariffs on a majority of U.S. goods from 125% to 10%.
The trade truce was used as a stepping stone to give both sides until August 10th to broker a more detailed deal on trade.
The 55% tariff rate that the 47th president announced Wednesday refers to the 10% baseline rate that the president imposed on almost all countries, including the 20% rate he levied on Beijing because of the fentanyl crisis as well as almost 25% for preexisting tariffs from section 301, according to the New York Post.
Meanwhile, implementation of the Geneva truce had been paused after both sides accused each other of violating the terms of the truce.
At the time, the U.S. claimed that China was making “slow moves” to allow rare exports of rare earths. This caused the Trump administration to ramp up restrictions on chemicals, tighten rules on exports of critical semiconductor design software, as well as revoking visas for Chinese students.
Additionally, Lutnick said the new arrangement would allow China to ease limits on rare earth minerals “in a balanced way.”
China’s Vice Commerce Minister Li Chengganghad also confirmed that an agreement by the two sides had been reached in London.
Both nations spent almost two days in the U.K. deliberating over the paused implementation of the Geneva consensus.
The president also said last week that he had a “very good” call with Xi last week after trade talks stalled between the two powers, just after he said that Xi is “very tough, and extremely hard to make a deal with.”
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