China on Thursday confirmed a trade deal announced by U.S. President Donald Trump, saying both countries should follow the agreement.
The deal was reached after a call last week between Trump and Chinese President Xi Jinping, followed by talks in London aimed at advancing terms set earlier in Geneva.
The agreement ends a standoff that began after the initial Geneva deal stalled over China’s export curbs on minerals. In response, the Trump administration imposed controls on shipments of semiconductor software, jet engines, and other technology to China.
China’s foreign ministry spokesperson Lin Jian said during a regular briefing that the country had always honored its commitments. “Now that a consensus has been reached, both sides should abide by it,” Lin said.
Trump said on Wednesday that the deal was complete, pending final approval between him and Xi. He said China had agreed to supply all needed rare earths and magnets, while the U.S. would meet its side of the deal, including access for Chinese students to American universities.
According to a White House official, the U.S. will apply a total tariff rate of 55% on certain Chinese goods. That figure includes a 10% general tariff, 20% related to fentanyl enforcement, and 25% from earlier trade measures during Trump’s first term.
China’s commerce ministry said it would continue strict reviews of rare earth export licenses but declined to give specific numbers. A ministry spokesperson said China is open to more dialogue on export controls and wants to support lawful trade.
