June 11, 2025 – U.S. President Donald Trump announced today that the U.S. and China have negotiated a deal under which China will supply magnets and rare earth minerals, while American colleges and universities will once again admit Chinese students. The announcement came through as a tweet on social media network Truth Social.
According to Reuters, a White House official said the US will impose a 55% total tariff on imported Chinese goods, including a 10% baseline “reciprocal” tariff, a 20% levy related to fentanyl trafficking, and 25% from preexisting tariffs. China will respond with a 10% tariff on US imports.
Both Trump and Chinese President Xi Jinping must formally approve the framework, which reflects recent meetings in London meant to revive the Geneva tariff truce from last month. Officials from both countries plan to finalize the agreement after outbound materials begin flowing.
U.S. and Chinese officials said on Tuesday they had agreed on a framework to get their trade truce back on track and remove China’s export restrictions on rare earths while offering little sign of a durable resolution to longstanding trade tensions.
