Trump says trade deal with China is done; China will supply rare earths, U.S. to allow students

U.S. President Donald Trump says U.S. trade deal with China is done, with Beijing to supply magnets and rare earth minerals while U.S. will allow Chinese students in its colleges and universities.

U.S. President Donald Trump said on Wednesday (June 11, 2025) the U.S. deal with China is done, with Beijing to supply magnets and rare earth minerals while the U.S. will allow Chinese students in its colleges and universities.

“WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!” Trump wrote on Truth Social without elaborating.

A White House official said the agreement allows the U.S. to charge a 55% tariff on imported Chinese goods. This includes a 10% baseline “reciprocal” tariff, a 20% tariff for fentanyl trafficking and a 25% tariff reflecting pre-existing tariffs. China would charge a 10% tariff on U.S. imports, the official said.

Mr. Trump said the deal is subject to final approval by him and Chinese President Xi Jinping.

“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!),” Mr. Trump said.

U.S. and Chinese officials said on Tuesday (June 10, 2025) they had agreed on a framework to get their trade truce back on track and remove China’s export restrictions on rare earths while offering little sign of a durable resolution to longstanding trade tensions.

At the end of two days of intense negotiations in London, U.S. Commerce Secretary Howard Lutnick told reporters the framework deal puts “meat on the bones” of an agreement reached last month in Geneva to ease bilateral retaliatory tariffs that had reached crushing triple-digit levels