U.S. President Donald Trump Wednesday said that China will supply rare earths upfront to the U.S. as part of a trade agreement.
The relationship between the world’s two largest economies is “excellent,” Trump said in a post on Truth Social, while adding, “WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%.”
He added that magnets and “any necessary rare earths” will be supplied up front by China and that the U.S. will in turn make certain concessions such as allowing Chinese students to attend U.S. colleges and universities.
The agreement is subject to final approval with himself and China President Xi Jinping, the U.S. president said, adding that he intends to work closely with Xi to open up China to American trade, describing the prospect as “a great WIN for both countries!!!”
Representatives from both sides had on Tuesday revealed that a deal had been reached on trade after a second day of high-level talks in London.
