Trump declares US-China deal as 'DONE,' ends two days of trade talks

President Donald Trump said on Wednesday that he and President Xi Jinping have finalized a trade deal under which the United States would impose a 55% tariff on Chinese imports. At the same time, China would levy a 10% tariff on U.S. exports.

In a post on his Truth Social account, Trump wrote, “OUR DEAL WITH CHINA IS DONE” and said the agreement is complete pending his and President Xi’s final sign-off.

He noted that China will immediately supply magnets and any needed rare earths, while the United States will fulfill its own commitments. These include continuing to welcome Chinese students at American colleges and universities.

He added that the deal sets U.S. tariffs at 55% and China’s at 10% and described the overall relationship as “excellent.” This is a big increase from the 30% U.S. tariff on Chinese imports, which was set in the May 12 agreement.

Trade deal reached in London as tariffs hurt global economy.

After two days of intense talks in London, U.S. Commerce Secretary Howard Lutnick told reporters the framework “puts meat on the bones” of the Geneva understanding reached last month, which had aimed to roll back steep retaliatory duties.

That earlier deal stalled when China kept limits on critical mineral shipments in place, prompting the Trump administration to impose its own export controls on semiconductor design software, aircraft parts and other items.

Trump’s shifting tariff measures have unsettled global markets, clogged major ports, and cost companies tens of billions of dollars in sales and extra expenses. On Tuesday, the World Bank cut its 2025 global growth forecast by 0.4 percentage points to 2.3%, warning that higher duties and uncertainty pose a “significant headwind” for most economies.

The new agreement could keep the Geneva deal from falling apart over export controls, but it doesn’t tackle the bigger issues of U.S. one-sided tariffs or China’s state-run export system.

European Central Bank President Christine Lagarde, speaking in Beijing, said lasting peace would require policy changes on both sides to correct financial imbalances or risk mutual harm.

Before the deal was announced, a U.S. appeals court let Trump’s broadest tariffs stay in place while it reviews a lower court ruling that had blocked them as exceeding his authority.

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