US, China Finalize Trade Deal
(MENAFN) United States Leader Donald Trump announced on Wednesday that a commercial agreement between the United States and China “is done,” pending the final sign-off from both nations' leaders.
This statement suggests that negotiations have reached a conclusion and only require formal confirmation from Trump and Chinese Leader Xi Jinping.
Posting on Truth Social, Trump declared that the United States “is getting a total of 55% tariffs, China is getting 10%.”
This indicates a substantial disparity in tariff rates, favoring the US in the terms of the agreement.
He further elaborated that “Full magnets, and any necessary rare earths, will be supplied, up front, by China,” ensuring that critical industrial resources will be secured.
Trump also confirmed, “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!).” This highlights mutual commitments, including continued educational exchanges.
Emphasizing the state of bilateral ties, Trump affirmed, “Relationship is excellent!”
He later stated that he and President Xi “are going to work closely together to open up China to American Trade.”
This collaboration aims to improve market access for American enterprises within China.
Trump concluded his comments by stating, “This would be a great WIN for both countries!!!” underscoring his belief in the mutual benefits of the deal.
Officials from both countries convened in London this week to address the tariff-related discussions.
Earlier in April, the United States imposed significant duties on Chinese imports.
However, by May, both parties had come to an understanding to gradually scale back these punitive measures for an initial trial period of 90 days.
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