US Prez Says China Will Supply Rare Earths in 'Done' Trade Deal

US President Donald Trump said a trade framework with China was completed that included an agreement for Beijing to supply rare earths "UP FRONT" as well as access for Chinese students at American universities.

- Bloomberg

WASHINGTON/BEIJING: US President Donald Trump said a trade framework with China was completed that included an agreement for Beijing to supply rare earths "UP FRONT" as well as access for Chinese students at American universities.

"OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME," Trump posted on social media, referring to Chinese leader Xi Jinping.

Trump's comments on Wednesday come a day after the US and China reached an agreement in London on implementing the terms of their tariff truce.

His remarks, however, included terms negotiators did not lay out, such as the immediate supply of critical minerals by China. He also said the US tariff rate would be a "total" of 55%—though the precise rate was not clear.

That figure includes a 10% baseline duty, a 20% charge tied to fentanyl trafficking and roughly 25% from preexisting levies from Trump's first term as well as most favored nation rates, according to a White House official.