Trump says U.S.-China trade deal "is done," after tariff talks yield "framework deal"

London — President Trump declared on Wednesday morning that a U.S. trade "deal with China is done." The American leader offered a few key details of the agreement reached between senior U.S. and Chinese trade representatives in London on Tuesday, but he acknowledged that both he and Chinese President Xi Jinping were both yet to formally sign off on the agreement.

The U.S. and Chinese trade teams wrapped up two days of marathon negotiations in London close to midnight on Tuesday, with the sides saying they had agreed on a new "framework deal" to ease the trade war between the world's two largest economies. The tension had only increased in recent weeks, despite an agreement reached in Geneva during a first round of talks in May to put the steepest retaliatory tariffs on hold.

In the intervening month, Beijing had cut its exports of critical rare earth elements to the U.S. by half compared to the previous year, and the Trump administration said it would "aggressively revoke" the visas of Chinese students in the U.S. who were found to be linked to the Chinese Communist party.