U.S. President Donald Trump announced a preliminary trade agreement with China, contingent on final approvals from both President Xi Jinping and himself.
The agreement involves China supplying magnets and rare earth minerals. Trump stated that the U.S. would fulfill its part of the deal, including approving visas for Chinese students.
Trump highlighted the tariff structure, with the U.S. imposing 55% tariffs and China 10%. Negotiations in London between U.S. and Chinese officials led to this framework.
Discussions focused on easing export controls on goods like rare earth minerals and semiconductors. The aim was to reduce tensions between the two economic powers.
Both sides will present reports to their leaders. They hope the progress in London will build greater trust between China and the U.S.