President Donald Trump on Wednesday announced that China has agreed to supply rare earth minerals and magnets to the United States up front as part of a new trade agreement.
Posting on Truth Social, Trump said the U.S. is imposing 55% tariffs while China is receiving 10%, calling the relationship with Beijing “excellent.”
In return, the U.S. will make concessions such as easing restrictions on Chinese student visas. The deal is still pending final approval from Trump and Chinese President Xi Jinping, but Trump called the outcome “a great WIN for both countries.”
Commerce Secretary Howard Lutnick and China’s Vice Commerce Minister Li Chenggang confirmed the breakthrough after talks in London.
The agreement eases tensions over China’s export restrictions on critical minerals, key to automotive and defense sectors. Oil prices jumped following the news, with Brent crude rising 1.8% to $67.87 a barrel.
