Trump says US-China deal 'is done'

US President Donald Trump announced that a trade deal with China is essentially complete following two days of high-level discussions in London. He mentioned that the agreement still requires final approval from both himself and Chinese President Xi Jinping. The deal focuses on the supply of rare earth metals from China to the US, which are critical for manufacturing many modern technologies such as smartphones, electric vehicles, and other advanced electronics. Additionally, the agreement includes provisions allowing Chinese students to continue studying at American universities, which Trump noted has always been positive in his view.

The talks aimed to ease ongoing trade tensions between the world's two largest economies. Last month, the US and China agreed to a temporary truce on tariffs, but both sides have accused each other of violating the terms. The US has criticized China for delaying exports of rare earth metals and magnets, essential components in many tech products. Meanwhile, the US has imposed restrictions on Chinese access to American goods, including semiconductors and AI-related technologies. These trade restrictions have created a complex situation that both countries are trying to resolve through negotiations.

US Commerce Secretary Howard Lutnick expressed optimism that the deal would resolve issues related to rare earth minerals and magnets. The agreement is based on a framework known as the Geneva consensus, which both countries plan to implement once their presidents give the final approval. The recent talks followed a positive phone conversation between Trump and Xi Jinping, where they agreed on a framework to implement the consensus reached during earlier meetings. This framework is expected to reduce trade barriers and improve cooperation between the US and China, helping to stabilize the global economy.