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President Donald Trump confirmed that the United States had reached a "deal" with China following negotiations in London in a post shared on his Truth Social account Wednesday (June 11).
"OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA," Trump wrote in all caps. "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%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!"
Commerce Secretary Howard Lutnick had previously announced that the U.S. and China "reached a framework to implement the Geneva consensus" late Tuesday night, referencing the prior trade truce agreement in May that saw U.S. tariffs on most Chinese goods drop from 145% to 30%, while China agreed to lower its retaliatory tariffs on American goods from 125% to 10%. The trade truce was intended to give both countries time to reach an agreement before August 10, though the Geneva truce briefly stalled after both sides accused each other of violating the terms of their temporary agreement.