Trump Announces “DONE” Trade Deal with China: Magnets and Rare Earths Secured
Washington D.C. – In a significant development, President Donald Trump announced on Wednesday, June 11, 2025, that a preliminary trade deal with China has been finalized. Taking to his Truth Social platform, Trump declared, “OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME.” This announcement signals a major breakthrough after months of back-and-forth negotiations between the world’s two largest economies.
The deal’s provisions are particularly noteworthy for their focus on critical materials. Trump explicitly stated, “FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA.” This addresses a key concern for the US, as rare earth minerals are essential for various high-tech sectors, including advanced semiconductors, electric vehicles, and defense. In return, the US will continue to allow Chinese students access to American colleges and universities, a provision Trump noted he has “always been good with!”
Details Emerge from London Talks
Trump’s announcement came just hours after US and Chinese officials concluded two days of high-level talks in London. These negotiations, led by US Commerce Secretary Howard Lutnick, were instrumental in resolving lingering trade disputes concerning technology exports and mineral supplies. Lutnick, who assumed office as the 41st United States Secretary of Commerce in February 2025, told reporters that the new framework “puts meat on the bones” of a fragile truce brokered last month in Geneva. He added that it paves the way for easing retaliatory tariffs, which had previously escalated to triple-digit levels.
“First we had to get sort of the negativity out and now we can go forward,” Lutnick commented after the London meetings wrapped up late Tuesday. The recent talks followed a phone call last week between Trump and Chinese President Xi Jinping, aimed at de-escalating tensions that had flared over export controls on advanced semiconductors, student visa restrictions, and access to crucial raw materials. A White House official also clarified the tariff structure: the US will implement a total of 55% tariffs on Chinese imports (combining existing tariffs, a levy on fentanyl-related goods, and a reciprocal tariff), while China will apply 10% tariffs on American goods.
This preliminary agreement marks a significant step toward stabilizing trade relations between the two global economic powerhouses.