'Magnets, Rare Earth, Student Visas': US President Trump Says 'Deal With China' Done

US President Donald Trump (L) and China President Xi Jinping (R) (File Photo)

New Delhi: US President Donald Trump announced that a trade deal with China has been finalized, pending approval from both him and Chinese President Xi Jinping. This agreement aims to ease trade tensions between the two nations, which had escalated over tariffs, technology transfer, and critical material access.

China will supply the US with the necessary rare earth minerals and magnets upfront, addressing a crucial issue for modern technology and manufacturing. In return, the US will allow Chinese students to attend American colleges and universities, promoting educational exchange and cooperation.

Key Terms of the Deal:

- Rare Earth Minerals: China will supply the US with the necessary rare earth minerals and magnets upfront.
- Tariffs: The US will maintain 55% tariffs on Chinese goods, while China will face 10% tariffs on US goods.
- Chinese Students: Chinese students will be allowed to attend American colleges and universities.

Posting on his Truth Social platform, the president said: "Our deal with China is done, subject to final approval with President Xi and me.

"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!).

"We are getting a total of 55% tariffs, China is getting 10%. Relationship is excellent!"

US Commerce Secretary Howard Lutnick announced that a deal between the two countries could resolve restrictions on rare earth minerals and magnets, addressing a major point of contention.