No details from China after Trump announces “done” trade deal

BEIJING: (Bernama-dpa) The United States and China have made progress in resolving differences on their economies and trade, Chinese Foreign Ministry spokesman Lin Jian said in Beijing on Thursday (June 12) without providing details, German Press Agency (dpa) reported.

Lin was speaking after US President Donald Trump said that a trade agreement that would include Chinese supplies of magnets and critical rare earth minerals had almost been finalised.

Lin said China hoped that the two sides could work together to implement the consensus agreed in London.

Trump announced an agreement on Wednesday on his Truth Social platform. “Our deal with China is done, subject to final approval with President Xi and me,” Trump posted after US and Chinese negotiating teams wrapped up two days of talks in London.

“Full magnets, and any necessary rare earths, will be supplied, up front, by China. Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!),” he posted.

Trump also said there had been a deal on tariffs, with US tariffs on imports from China at 55 per cent and Chinese reciprocal tariffs at 10 per cent.

Following talks in London on Monday and Tuesday, delegates said they planned to implement the consensus agreed in Geneva in mid-May, where agreement was reached to cut import tariffs by 115 percentage points on both sides for a period of 90 days.

Details of the Geneva and London agreements have not been released, with US Commerce Secretary Howard Lutnick saying in London that the text of the agreement would not be published. – Bernama-dpa