On June 26, US President Donald Trump said at the White House: "We just signed with China yesterday", but refused to provide further details. He also revealed the possibility of reaching an agreement to "open up" the Indian market.
A White House official told Reuters that the US and China "have agreed on additional details on a framework to implement what was agreed in Geneva" in May.
The Financial Times also quoted a close source saying that Washington and Beijing appeared to have put what was agreed into an official document.
On the same day, US Commerce Secretary Howard Lutnick confirmed to Bloomberg that the above agreement was officially signed 2 days ago.
The new document includes a commitment from China to export rare earths, which are vital to wind turbines and jet engines, Lutnick said. “They will supply us with rare earths. When that happens, we will remove the countermeasures,” Lutnick said.
US President Donald Trump and Chinese President Xi Jinping in 2019 (Photo: Reuters).
The measures, imposed by the US ahead of the London talks, included export controls on ethane (a raw material for plastics), chips and aerospace components. Lutnick said the restrictions would only be lifted after China fulfilled its commitments.
The deal is seen as a turning point after months of trade tensions, in which Washington and Beijing repeatedly accused each other of violating previously reached commitments.
However, China has not yet commented. The Chinese Embassy in Washington declined to comment, while the Chinese Foreign Ministry did not respond to Bloomberg's interview request.
While the deal with China has made progress, President Trump is also accelerating negotiations with other trading partners.
According to Minister Lutnick, the White House is aiming to complete the "first 10 agreements" within the next two weeks - in time for the July 9 deadline, the date Mr. Trump set to reimpose the high tariffs that had been suspended since April.
“We’ll prioritize them, and then other countries will come along,” Lutnick said, without specifying which countries would be in the first group. Trump has previously hinted that a deal with India is on the horizon.
The US president also announced that he would send a “letter of request” to countries that have not reached an agreement by the deadline, outlining the trade terms Washington wants. “On July 9, countries will be placed in appropriate groups,” Lutnick added, saying the White House could extend the deadline if more negotiations are needed.
"Those who reach an agreement will implement it. The remaining parties will receive a formal response and be placed in the next group," he said. "If they want to continue negotiating, that is still allowed. But the new tariffs will be set and the process will begin," he added.
So far, the US has only reached an agreement with the UK. The Trump administration is accelerating negotiations with other trade partners ahead of the July 9 deadline.
Without a deal, economies could be hit with import tariffs of up to 50%. In addition to imposing tariffs on imported cars, aluminum and steel, the Trump administration is also considering additional sectors such as semiconductors, consumer electronics, aerospace components, lumber, copper, pharmaceuticals and critical minerals.
Source: https://dantri.com.vn/kinh-doanh/tong-thong-trump-my-da-ky-mot-thoa-thuan-thuong-mai-voi-trung-quoc-20250627101241540.htm
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