U.S. President Donald Trump announced on the 11th (local time) that he has completed trade negotiations with China.
President Trump said through the social media platform Truth Social that "the negotiations with China have been finalized after my and President Xi Jinping's final approval."
President Trump explained, "China will supply magnets and rare earths on a prepaid basis," adding that "the U.S. will provide what we have agreed with China." He also stated that he would allow Chinese students to study at U.S. universities.
He further stated regarding tariffs that "we are receiving a total tariff of 55%, while China is receiving a 10% tariff," noting that "the relationship is excellent."
However, President Trump did not disclose any agreement regarding the key demand made by China to the U.S., which is known to be the relaxation of enhanced semiconductor export controls to China.
During the first U.S.-China trade negotiations held last month in Geneva, both countries agreed to each reduce the tariff rates imposed on the other by 115 percentage points over 90 days. As a result, the U.S. tariff rate on China decreased to 30%, while China's tariff rate on the U.S. dropped to 10%.
Therefore, the 55% tariff rate on China mentioned by President Trump on that day appears to be a sum of the over 20% tariff that the U.S. has been imposing on China since before the second Trump administration began.
U.S. Treasury Secretary Scott Bessent and China State Council Vice Premier He Lifeng, along with delegations from both countries, met in London on the 9th and 10th to outline the framework for the implementation of the U.S.-China trade agreement reached last month in Geneva.
Since the Geneva agreement, both countries have faced each other, mentioning breach of agreements regarding China's maintenance of export controls on rare earths to the U.S., the U.S.'s strengthening of semiconductor-related export controls to China, and the cancellation of visas for Chinese students.
Accordingly, both countries held a second negotiation recently in London.