Deal is done says Trump China and US trade truce back on track after London talks

BEIJING – China and the US agreed to revive a fragile trade truce after two days of talks in London, further defusing tensions between the two geopolitical rivals.

US President Donald Trump said on June 11 that the deal with China “is done” and that the relationship was “excellent”.

Hours earlier, Chinese Vice-Premier He Lifeng, who led the negotiating delegation in London, called on the US to “stay true to your words” and “demonstrate good faith in keeping promises”.

The agreement, which concluded close to midnight on June 10 in London, followed a roller coaster of rising and easing tensions over non-tariff measures, after both sides agreed in May in Geneva to a 90-day truce that sharply lowered tariffs on each other’s goods.

The main sticking points since May were Beijing’s restrictions on rare earth exports to the US, and Washington’s curbs on the export of chip design technology to China.

In a Truth Social post, Mr Trump said full magnets, along with any necessary rare earth minerals, will be supplied upfront by China.

In return, the US will provide to China “what was agreed to”, including allowing Chinese students to attend colleges and universities in the US, which he noted “has always been good with me”.

Separately, US Commerce Secretary Howard Lutnick told reporters that the “framework” reached in London puts “meat on the bones” of the Geneva agreement, adding that it will still need approval from both leaders.

He said Chinese restrictions on rare earth minerals and magnets and some of the recent US export restrictions would be removed “in a balanced way”, but did not provide details.

Chinese Vice-Commerce Minister Li Chenggang told reporters after the talks that both countries had agreed on a framework to implement the consensus that Chinese President Xi Jinping and Mr Trump