The White House has said a trade deal with China is done and is awaiting the signatures of United States President Donald Trump and his Chinese counterpart, Xi Jinping.The White House said on Wednesday that the president is currently reviewing the details.
Trump announced the deal after days of trade talks between US and Chinese delegations in London, which followed an earlier round of negotiations in Geneva, Switzerland.
“We have reached a framework to implement the Geneva consensus and the call between the two presidents,” US Commerce Secretary Howard Lutnick told reporters during the announcement.
What’s included?
The deal includes a provision in which China will supply the US with rare earth elements vital to major US companies, particularly in the auto, semiconductor, and smartphone manufacturing sectors.
Trump said that minerals would be supplied upfront, but it is unclear what that entails.
China has disproportionate control over the rare earth market. It produces 60 percent of the world’s rare earth minerals and processes nearly 90 percent of them. That has been a longstanding concern of the US, including during the administration of former President Joe Biden. Advertisement
In February 2024, then US Energy Secretary Jennifer Granholm said the US was “very concerned” about the nation’s reliance on China for its supply of critical minerals in an interview with CNBC.
Those concerns have been amplified in Trump’s second term, especially …
