Trump: US-China trade deal finalised, pending Xi's approval

President Donald Trump has announced that the US and China have almost reached a trade agreement, which must be approved by the heads of state of the two countries.

“Our deal with China is done, subject to final approval with President Xi [Jinping] and me. Full magnets, and any necessary rare earths, will be supplied, up front, by China,” Trump wrote on the social network Truth Social, per Caliber.Az.

“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! Thank you for your attention to this matter!” the US leader added.

Trump also said he personally intends to work closely with Chinese President Xi Jinping to "open up China" to American businesses.

Adding to the China readout, President XI and I are going to work closely together to open up China to American Trade. This would be a great WIN for both countries!!!

President Donald Trump’s second term, which began in January 2025, has been marked by a renewed emphasis on economic nationalism, trade realignment, and reasserting U.S. leverage in global markets. One of his early priorities has been to revisit key foreign trade relationships—especially with China—where tensions and negotiations had defined much of his first term.

In his first presidency, Trump launched a full-scale trade war against China, imposing sweeping tariffs and accusing Beijing of unfair practices such as intellectual property theft, forced technology transfers, and manipulating market access. The 2020 “Phase One” deal provided a temporary pause in hostilities, but deeper structural issues remained unresolved.

After returning to the White House, Trump re-engaged with China under new economic conditions. Both nations have faced internal pressures: the U.S. is seeking to secure critical supply chains—especially rare earth elements vital for defense and technology—while China is managing slower economic growth and declining investor confidence.

In this second-term push, Trump has sought to extract more favorable terms, positioning the U.S. to benefit from higher tariffs on Chinese goods while ensuring American businesses gain greater access to the Chinese market. His administration has also softened earlier rhetoric on Chinese students, recognizing their economic and educational contributions to U.S. institutions.

By Khagan Isayev