Trade deal 'done': China will supply rare earths, US to allow students

President Donald Trump said a trade framework with China has been completed, with Beijing supplying rare earths and magnets "UP FRONT" and the US allowing Chinese students into its colleges and universities.

- BLOOMBERG

The US and China will maintain tariffs at their current, lower levels following negotiations between the two nations this week in London, Trump said Wednesday. The president said Chinese President Xi Jinping and he must still formally sign off on the agreement.

"OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME," Trump posted on social media. "WE ARE GETTING A TOTAL OF 55 percent TARIFFS, CHINA IS GETTING 10 percent. RELATIONSHIP IS EXCELLENT!"

Trump's comments prompted fresh questions about the terms of the pact negotiators reached Tuesday in London. Markets reacted with uncertainty, with US futures briefly erasing losses before moving lower again.