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Mandy Zuo

Leopold Chen

After two days of closely watched trade talks between the United States and China in London, US President Donald Trump has declared the negotiations have led to a wide-ranging deal to maintain the fragile truce laid out after earlier talks in Geneva.
The agreement, Trump said, would cover numerous points of contention, including shipments of rare earth minerals, student visas and tariffs.
China, meanwhile, has been reticent to comment on the talks’ outcome, with representatives only saying they would submit a report for President Xi Jinping’s approval.
Here, we summarise the latest developments in the ever-changing trade relationship between the world’s two largest economies.
What did Trump say – and not say？
Trump took to his Truth Social platform on Wednesday to share initial details from the intensive discussions in London, stating a US-China accord was “done”.
China will supply the US with magnets and rare earth minerals – items requiring approval for export – while the US will ensure access to US colleges for Chinese students and impose 55 per cent in tariffs to China’s 10 per cent, he said.
However, he did not comment on the status of US export restrictions on computer chips, a significant sticking point in past negotiations.




What did other US officials say?
In an interview with CNBC on Wednesday, US Commerce Secretary Howard Lutnick echoed Trump’s social media post while revealing more details.
He said China will approve exports of magnets with trace amounts of rare earth elements – crucial to auto manufacturing – “right away”, adding the change only applied to US companies. Those firms have submitted thousands of applications to Chinese officials for rare earth exports, Lutnick said, but only 98 were approved.
However, the Wall Street Journal reported on Thursday there will be a six-month limit on licences granted to US firms, citing unnamed sources familiar with the matter. The move would give Beijing leverage if trade tensions flare up again, it said.
Separately, a top Chinese rare earth exporter said on Wednesday it had obtained permits to ship to destinations including the US, Europe and Southeast Asia.
In return, Lutnick said, the US will repeal previous countermeasures restricting the supply of certain materials for jet engines and ethane, but will not overturn all its export controls.
The commerce secretary spoke about ethane in greater detail, claiming China’s reliance on the US’ supply of the gas creates a pressure point in bilateral negotiations.
“Ethane makes plastic. We supply 98 per cent of their ethane. No ethane, no plastic. Imagine trying to run an economy with no plastic. So, if you want to annoy us, the United States of America under Donald Trump is strong enough to annoy you back equally.”


Regarding chips, Lutnick said the Chinese side regularly asks for the relaxation of export restrictions, “and we always say no”.
What has China said so far?
People’s Daily, the official press organ of the Communist Party, said in a commentary on Thursday that the London talks were a step toward solving trade disputes through equal dialogue. The newspaper called for the US to honour its words with actions.
Vice-Premier He Lifeng, who led the delegation in London, said China is “sincere but also principled”. He urged the two to safeguard the hard-won outcomes of their dialogue and maintain ongoing communication, state news agency Xinhua reported.
Li Chenggang, vice-minister of commerce and another high-ranking member of the delegation, described communication between the two sides as “highly professional, rational, in-depth, and candid”. He expressed hope the talks will enhance mutual trust, promote bilateral trade relations and “inject positive energy” into global economic growth.


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US-China trade war

After heated London talks, where do China-US trade relations stand?

Trade talks between the US and China appear to have led to an agreement, though officials from Beijing have not been as quick to share details as their American counterparts. Photo: Handout via Reuters

Trade talks between the US and China appear to have led to an agreement, though officials from Beijing have not been as quick to share details as their American counterparts. Photo: Reuters

China, US reach a ‘done deal’, Trump says, pending sign-off by President Xi Jinping

A man stands next to US and China flags at Lancaster House in London on Tuesday for the second day of trade talks between the US and China. Photo: Reuters

US Treasury Secretary Scott Bessent leaves on his way back to the US on Tuesday, while trade talks between the US and China continue in London. Photo: Reuters

China grants export permits to rare earth giant for US, Europe shipments

Rare earths, a class of 17 chemical elements, have become increasingly important in manufacturing sophisticated products, including flat-screen monitors, electric car batteries, wind turbines, missiles and aerospace alloys. Photo: TNS

The flag of China is placed next to the elements of gallium and germanium on a periodic table, in this illustration picture taken on July 6, 2023. Photo: Reuters

US-China trade showdown: where do the talks stand after Day 1?

US and Chinese economic officials pose for a photo before the start of trade talks in Lancaster House in London on Monday. Photo: AFP

Chinese Vice-Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent ahead of the start of trade talks in London on Monday. Photo: AP

Ahead of US-China talks, China’s rare earth trade data from May shows leverage in action

Workers transport soil containing rare earth elements for export at a port in China’s Jiangsu province. Photo: Reuters

Trade to tech war: why Trump picked his export control head for next China talks

The United States has tightened export controls on advanced chips in recent years, including recent measures that target Huawei Technologies. Photo: Reuters

The Huawei Technologies logo is seen at the company’s store before a product launch event in Berlin, Germany, on May 15, 2025. Photo: EPA-EFE

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Washington and Beijing have said the negotiations have led to consensus, though Chinese officials have shared fewer details


Washington and Beijing have said the negotiations have led to consensus, though Chinese officials have shared fewer details.


After heated London talks, where do China-US trade relations stand?

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Washington and Beijing have said the negotiations have led to consensus, though Chinese officials have shared fewer details

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;}What did Trump say – and not say？

Washington and Beijing have said the negotiations have led to consensus, though Chinese officials have shared fewer details

What did Trump say – and not say？