Senior trade negotiators from both the U.S. and China announced on June 11 that they reached a preliminary deal to revive stalled trade talks, following a series of disagreements.

The announcement followed two days of talks in London ending late Tuesday. However, details remain unclear as Trump did not specify U.S. concessions, Beijing has not confirmed the deal and neither Chinese President Xi Jinping nor Trump have approved it yet.

New NAW & MDM Research Shows Tariffs’ Growing Impact on Supply Chain (April 30)

According to the Associated Press and a Truth Social post, President Trump said the U.S. will begin receiving magnets and rare earth minerals from China “up front” as part of the newly established trade framework, which also includes a total tariff rate of 55% on Chinese goods.

In exchange, Trump agreed to uphold previously discussed terms, including permitting Chinese students to study at American colleges and universities. AP said this trade framework serves as a stepping stone toward a broader U.S.-China agreement, and one of several deals Trump aims to pursue with other countries as well.

A White House official, speaking anonymously to the AP due to lack of authorization, clarified that the 55% tariff figure does not represent an increase from the prior 30%. Instead, it includes a combination of existing import taxes.

MDM’s (free) Virtual Data Analytics Summit coming June 18 – Register Here! 

In a follow-up social media post, Trump said that he and Xi “will work closely together to open China to American trade,” also calling it a major win for both nations.

So far, Trump has also outlined the terms of a trade deal with the U.K.