• Trump says Beijing will supply rare earth minerals and magnets
• Washington will allow Chinese students to remain in American universities

WASHINGTON: US President Donald Trump touted ties with China as “excellent” on Wednesday, saying the superpowers reached a deal after two days of talks aimed at preserving a truce in their damaging trade war.

Trump said on his Truth Social platform that China would supply rare earth minerals and magnets — vital elements for US industries — while Washington would allow Chinese students to remain in American universities.

His post came after top United States and Chinese negotiators announced a “framework” agreement late Tuesday following two days of marathon talks in London.

“Our deal with China is done,” Trump wrote, adding that the agreement was still “subject to final approval with President Xi (Jinping) and me”. “President XI and I are going to work closely together to open up China to American Trade,” he said in a second post.

‘Right track’

After negotiations spanning more than 20 hours, US Commerce Secretary Howard Lutnick said on Wednesday that the talks were “totally on the right track”. “They are going to approve all applications for magnets from United States companies right away,” he told CNBC, on what should happen after Trump and Xi give the green light to the deal.

He added that Washington would lift its measures once China acts, and that US tariff levels on China would not change from here.

Treasury Secretary Scott Bessent told lawmakers separately that it was possible to rebalance economic relations with China if Beijing proved a “reliable partner in trade negotiations”.

‘Candid’ talks

Rare earths are used in everything from electric vehicles to hard drives, wind turbines and missiles.

On Truth Social, Trump said China will supply “full magnets, and any necessary rare earths” up front.

On Wednesday, Trump said: “We will provide to China what was agreed to, including Chinese students using our colleges and universities.”

The US president also said that the United States applies 55 per cent tariffs on Chinese goods — a combination of his 30pc additional levies this year and the rough average of pre-existing duties, a White House official said.

In a Chinese state media readout of the talks released on Wednesday, Vice Premier He Lifeng, who headed Beijing’s team in London, stressed the need for the two sides to strengthen cooperation in future dialogue.

Published in Dawn, June 12th, 2025