President Donald Trump announced Thursday that the US and China have officially signed a trade deal, concluding months-long negotiations. The deal builds on previous meetings in Geneva between representatives of both nations, putting into ink the tacit agreement that had been in place.
“We just signed with China yesterday,” Trump said during remarks at the White House, without offering specifics. A White House official later clarified that both nations had agreed to a framework to implement the Geneva truce first negotiated in May.
Prior to the formal contract, the US and China agreed to a 90-day reduction in tariffs while working towards the current deal. Talks had stalled over issues including US export controls and China’s rare earth exports. However, earlier this month, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer met in London with Chinese Vice Premier He Lifeng. Following two days of negotiations, the parties said they had reached an agreement, now confirmed by Lutnick as signed and finalized.
“They’re going to deliver rare earths to us” and “we’ll take down our countermeasures” Lutnick said in an interview with Bloomberg News.
The announcement comes as the US prepares to reimpose tariffs of up to 50% on several trading partners by July 9 unless permanent agreements are reached. Lutnick has hinted that deals are incoming with the largest trade partners, stating “We’re going to do top 10 deals, put them in the right category, and then these other countries will fit behind”.
