Posted on 30 Jun 2025
China and the US have signed a trade deal that would mark a truce in tensions between the two countries, Kallanish understands.
US President Donald Trump said on Thursday that the deal was signed earlier this week at a meeting in London, adding that a “very big one” will be secured with India soon. Commerce Secretary Howard Lutnick said in a separate interview with Bloomberg TV that the deal had been “signed and sealed” on Tuesday. Neither of the two officials provided more details.
At a press conference on Friday, the Chinese commerce ministry said that the US “will cancel a series of restrictive measures taken against China.” When asked whether it would speed up the export of rare earths to the US, the ministry said it will “review and approve the export applications of controlled items that meet the conditions in accordance with the law.”
As part of the trade war between the two countries, China halted almost all exports of rare earths, in a major blow to auto manufacturing in North America and Europe, which faced shortages and warned of major disruptions.
Earlier this month, representatives from both countries met in Geneva and then in London, where they reached a framework agreement. Terms included a 10% baseline “reciprocal” tariff, a 20% fentanyl levy and a 25% pre-existing tariff on Chinese imports.
In exchange, China would resume rare earth and magnet shipments to US buyers.
The parties are yet to release specifics of the agreement. The White House was contacted for comment.
Source:Kallanish
