US President Donald Trump on Wednesday said that a trade framework with China is “done,” signaling his likely approval of the final agreement; Chinese leader Xi Jinping must also sign off on the deal.
The deal comes after two days of negotiations in London. Trump said the agreement ensures that “full magnets, and any necessary rare earths, will be supplied, up front, by China” — a key US demand going into the talks.
According to Trump, the US will have “a total of 55% tariffs, China is getting 10%,” and Chinese students will retain access to American universities. The exact details remain unclear, however.
The two superpowers’ trade war has already significantly damaged the world economy: The World Bank yesterday predicted the slowest decade for global growth since the 1960s.
