Trump Says Trade Deal With China ‘Is Done,’ but Offers Few Details

President Trump said on Wednesday that a trade agreement with China “is done”, a few hours after the United States and China have agreed to retreat some of the punitive measures they had taken against the economies of the other and return to a commercial truce reached in May.

After two days of negotiations on the marathon in London, the main economic officials of the United States and China had to present the new “framework agreement” to Mr. Trump and to the chief of China, Xi Jinping, for final approval.

The agreement, the details of which have not been immediately published immediately, is intended to refer the relationship to the terms the United States and China reached Switzerland last month. This agreement has collapsed in recent weeks, after China has continued to restrict the expeditions of precious minerals and magnets of rare land necessary for American manufacturers.

Trump said on Wednesday morning that he had supported the updated framework.

In a social position of truth, he said that China had committed to providing the United States with rare earthmakers and minerals. He said Chinese students would continue to have access to American colleges and universities.

On prices, Trump said that the Chinese import rate would be 55%, while the China’s pricing rate would be 10%.

“The relationship is excellent,” wrote Mr. Trump, but has provided some other details.

The expression of the support of Mr. Trump occurred a few hours after the commercial secretary, Howard Lunick, who was part of the negotiation team, told journalists that we gathered in London following the discussions that the American concerns concerning China restrictions on exports of minerals and magnets had been resolved. He also said the measures that the United States had taken in response to these Chinese restrictions would be reversed “balanced”.

US officials had tried to pressure China in recent weeks tightening On exports of American products and technologies, including chemicals, plane parts and software, as well as to propose to ban Chinese students from registering in universities in the United States.

A person familiar with negotiations that was not authorized to speak publicly said that the Chinese party had agreed to start sending rare land of the United States, while the United States would make the export controls implemented on Chinese products from the meeting in Geneva, and the two efforts would occur simultaneously.

Mr. Lunick, with Jamieson Greer, representative of American trade, and Scott Bessent, the secretary of the Treasury, will inform Trump on Wednesday, said the person.

“We absolutely expect the subject of minerals and rare earth magnets with regard to the United States of America will be resolved in this implementation of the framework,” said Lutnick.

Mr. Greer, who participated in the discussions, said that the two parties would remain in regular contact when they were trying to work on their economic disagreements, one point of the two parties had also accepted after the talks in Geneva. But he said that another meeting had not yet been planned.

The officials had met in Lancaster House in London, next to the Palais de St James, to try to restore their truce. The talks continued late at night, sometimes growing and seeming as if they could collapse, the person familiar with negotiations said.

Last week, Trump held A 90 -minute phone call With Mr. XI – the first time that the two heads of state spoke directly since Mr. Trump returned to functions in January.

A 90 -day break on certain prices, which countries agreed in Geneva should expire in August. Greer said that the two parties were “motivated”, but that Mr. Trump would belong to decide whether the break would be extended as the additional negotiations were continuing.

Mr. Greer also said that the subject of a broader trade agreement had appeared, but that current meetings were focused on implementing the agreements concluded in Geneva and the two leaders of their appeal.

The official Xinhua news agency of China has published a prudent statement, claiming that the two parties had agreed “in principle” – a term used by the state media and the diplomats to indicate that the details have not been drawn up. According to Xinhua, discussions were “professional, rational, in -depth and frank”. Chinese state media often use the term “candid” when there have been considerable disagreements.

The countries made the announcement shortly before the Trump administration won an early but important victory in a fight against the legality of its prices.

In Washington, a The Federal Court of Appeal agreed Tuesday to allow Trump to maintain many of these import rights that a lower court said illegal at the end of May. The stay will preserve the centerpiece of the president’s trade program while federal lawyers are fighting with states and companies that say they were injured by prices that Trump did not have the power to issue.

US officials said court decisions were not presented in discussions with the Chinese.

Mr. Bessent, who had led the American delegation, left the talks Tuesday evening to return to Washington for Congress audiences on Wednesday. On the Chinese side, the negotiations were led by He Lifeng, Vice-Prime Minister in charge of economic policy.

American dependence on China for rare land metals and rare earth magnets gave Beijing a great tool to put pressure on the American economy. After Mr. Trump reduced the prices on Chinese products in April, Beijing repressed the exports of Minerals and criticismsthreatening to close operations by American manufacturers, Defense entrepreneurs and others.

The United States has a single mine of rare earths in Mountain Pass, California, and has very little ability to treat rare earths in the necessary chemicals, then in magnets. Restrictions on rare land motivated the American part to meet Chinese officials in Geneva last month.

But after this meeting, officials of the Trump administration were dismayed when the Chinese expeditions of rare earth minerals, and the magnets made with them remained infrequent. They accused China of raping the Geneva Agreement.

In an effort to put pressure on China to lift its borders, American officials tight On the exports of certain American products and technologies to China, including software to make semiconductors, gases such as ethane and butane, and nuclear and aerospace components. US officials also proposed the ban on registering Chinese students.

It is not yet known if the last executive will hold, and the analysts were skeptical about a wider pact.

“Two days of negotiations are better than nothing, but frankly, we have seen these prolonged negotiations in the past,” wrote Henrietta Treyz, director of economic policy at Veda Partners, in a research note. “There is a lot of time spent translating, confirming the meaning and reiterating the framing which takes place in these negotiations which make them in time, but which ultimately keep a lot of status quo, which seems to be what is out of London.”

Keith Bradsher contributed the report of Beijing, and Tony Rump from Washington.