Trump Updates on China Trade Deal Progress as Tariff Deadline Nears

White House officials have provided new information about a step toward a tariff deal with China after President Trump announced an agreement without details. During a Thursday event, Trump stated, 'We just signed with China yesterday, right? Just signed with China.' However, it was clarified that what was signed was not an agreement on tariffs.

One White House official revealed that the new agreement was about rare earth minerals, a key Chinese export used in various goods. This is part of the ongoing tariff negotiations between the two countries.

Commerce Secretary Howard Lutnick confirmed that China would deliver rare earths to the U.S., and in return, the U.S. would lift its countermeasures. China's Ministry of Commerce also acknowledged the establishment of further details of the framework.

The tariffs on Chinese goods have been fluctuating, with the potential to disrupt global markets. The U.S. and China had previously reached a temporary deal to reduce U.S. tariffs on Chinese goods to 30%, with an upcoming deadline to finalize a more permanent agreement.

Amidst broader tariff uncertainty, Trump announced tariffs on goods from various countries, later pausing them for 90 days. The U.S. is now aiming to secure tariff agreements with multiple trading partners by Labor Day.

According to the source: NPR.