President Donald Trump has announced that the US and China have reached a trade agreement, and he anticipates a similar deal with India soon.
According to Commerce Secretary Howard Lutnick, who spoke with Bloomberg TV, the trade deal with China was finalized earlier in the week. However, neither Trump nor Lutnick provided specific details regarding the agreement’s contents.
“We just signed with China the other day,” Trump stated on Thursday.
Lutnick confirmed the deal was “signed and sealed” two days prior.
This development follows preliminary discussions held in Geneva in early May, which resulted in both nations postponing significant tariff increases that threatened to severely disrupt trade relations.
Subsequent talks in London established a framework for further negotiations, with the agreement mentioned by Trump seemingly formalizing this framework.
Lutnick reiterated that President Trump enjoys closing these deals himself, underscoring his deal-making prowess and hinting at future agreements.
While China has not officially confirmed any new agreements with the US, they announced earlier this week that they are expediting the approval process for rare earth exports, which are vital components in various high-tech industries, including electric vehicles.
China’s restrictions on rare earth exports have been a major point of contention in trade discussions.
The Chinese Commerce Ministry stated on Thursday that they are accelerating the review of export license applications for rare earths and have already approved several applications that meet the necessary requirements.
