In good faith and intention, the future looks bright. Donald Trump announced a trade agreement with China in a social media post on Wednesday - Stan Gilliland/EPA-EFE/Shutterstock Donald Trump announced a trade agreement with China in a social media post on Wednesday - Stan Gilliland/EPA-EFE/Shutterstock Donald Trump has said the US has struck a trade deal with China following 48 hours of talks between the two countries. The US president announced the agreement in a social media post on Wednesday, claiming it is now subject to approval by his Chinese counterpart, Xi Jinping. He said the leaders of the world’s two largest economies were “going to work closely together to open up China to American trade”, in what would be “a great win for both countries”. Unlock Efficiency And Boost ROI – Test Automation While Remaining In Control Ad Unlock Efficiency And Boost ROI – Test Automation While Remaining In Control Optmyzr.com Apply Now call to action icon As part of the pact, Mr Trump said the US would allow Chinese students to attend American colleges and universities, adding that the relationship between Beijing and Washington was “excellent”. In exchange, the US would be given access to magnets and rare earth materials from China, which are crucial to manufacturing green technologies such as wind turbines and electric vehicles. Mr Trump posted on his Truth Social platform: “Our deal with China is done, subject to final approval with President Xi and me. Howard Lutnick, Donald Trump’s commerce secretary, was among the US trade delegation in London - Chris J Ratcliffe/Bloomberg Howard Lutnick, Donald Trump’s commerce secretary, was among the US trade delegation in London - Chris J Ratcliffe/Bloomberg “Full magnets, and any necessary rare earths, will be supplied, up front, by China. “Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me). “We are getting a total of 55pc tariffs, China is getting 10pc. Relationship is excellent.” Related video: President Trump says US and China have reached a trade deal; What to know (WHAS-TV Louisville) After marathon talks in London this week, Trump claimed on Current Time 0:08 / Duration 2:00 WHAS-TV Louisville President Trump says US and China have reached a trade deal; What to know 0 View on Watch View on Watch More videos US, China announce reduced tariffs for 90 days after trade talks Fox Business/Fox Business US, China announce reduced tariffs for 90 days after trade talks 1:12 US, China reach deal to keep trade truce alive Reuters/Reuters US, China reach deal to keep trade truce alive 1:23 Trump agrees to delay 50% tariffs on EU imports until July 9 Daily Mail/Daily Mail Trump agrees to delay 50% tariffs on EU imports until July 9 1:06 In a separate post, he wrote: “Adding to the China readout, President Xi and I are going to work closely together to open up China to American trade. This would be a great win for both countries.” Mr Trump’s posts came hours after Howard Lutnick, the US commerce secretary, said the two sides had agreed on a “framework” to put their trading relations back on track. The two sides have until Aug 10 to negotiate a more comprehensive agreement to ease trade tensions, or US tariffs on China will snap back from about 30pc to 145pc, with China’s levies on America increasing from 10pc to 125pc. Senior officials from Washington and Beijing had gathered in London after accusations from both sides that they had violated the terms of a trade deal struck in Switzerland last month. Mr Trump and Mr Xi held a call last week that Mr Lutnick said “gave the fundamental foundation on which we were able to reach agreement”. Avoid Devastating Сonsequences - 24/7 Emergency Help Ad Avoid Devastating Сonsequences - 24/7 Emergency Help digitalinvestigation.com Learn more call to action icon Before Mr Trump’s post on Wednesday, Mr Lutnick had said: “We have reached a framework to implement the Geneva consensus and the call between the two presidents. “The idea is we’re going to go back and speak to President Trump and make sure he approves it. “They’re going to go back and speak to President Xi and make sure he approves it, and if that is approved, we will then implement the framework.” In a separate briefing, Li Chenggang, China’s vice-commerce minister, said a trade framework had been reached in principle that would be taken back to US and Chinese leaders. Meanwhile, the European Union reportedly believes it could extend its trade negotiations with the US beyond the initial deadline next month. The EU thinks there could be scope for further talks if it agrees a deal in principle by July 9, which is considered its best-case scenario, according to Bloomberg. The Trump administration is scheduled to enforce 50pc tariffs on EU goods beyond that date unless a deal is reached.

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