London — President Trump declared on Wednesday morning that a U.S. trade "deal with China is done." The U.S. leader offered a few key details of a "framework deal" reached between senior U.S. and Chinese trade representatives in London on Tuesday, but he acknowledged that both he and Chinese President Xi Jinping were both yet to formally sign off on the agreement.
The U.S. and Chinese trade teams wrapped up two days of marathon negotiations in London close to midnight on Tuesday, with the sides saying they had agreed on a new "framework deal" to ease the trade war between the world’s two largest economies.
The tension had only increased in recent weeks, despite an agreement reached in Geneva during a first round of talks in May to put the steepest retaliatory tariffs on hold. Those record-high tariffs are due to kick back in on July 9, unless the agreement struck in London is in fact formalized by Trump and Xi.
In month since the Geneva talks, Beijing had cut its exports of critical rare earth elements to the U.S. by half compared to the previous year, and the Trump administration said it would "aggressively revoke" the visas of Chinese students in the U.S. who were found to be linked to the Chinese Communist party.
While the announcement by Mr. Trump’s top negotiators on Tuesday evening of an agreed framework was thin on details, the president said in a post on his own Truth Social media platform Wednesday morning that it was "done, subject to final approval with president Xi and me."
Source:
https://www.cbsnews.com/news/trump-us-china-trade-deal-done-tariff-talks-london-framework/