The Trump administration has finalized its trade agreement with China but has not yet lifted its measures, Bloomberg News reported Thursday evening.
The deal cements a commitment from Beijing to export rare earth materials essential to US manufacturing, said Commerce Secretary Howard Lutnick. Bloomberg. However, Lutnick has made it clear that only after China begins to fulfill its promises could US measures such as ethane and chip software export curbs be lifted.
The deal formalizes the terms first negotiated in Geneva last month. This was quickly unraveled after both sides accused each other of violating each other. The negotiations that resumed in London earlier this month have reached a culmination with new ones agreement The approval of President Donald Trump and Chinese President Xi Jinping is pending. (Related: Trump’s tariff loophole bullets crippling China’s junk goods pipeline)
WASHINGTON, DC – April 30: US President Donald Trump listens as he speaks at the White House Crosshall at the “Invest in America” event in Washington, DC on April 30, 2025. (Photo: Andrew Harnik/Getty Images)
Chinese officials also confirmed that the trade agreement has been officially made, Bloomberg It has been reported.
“After recent approval, both sides have reviewed further details about the framework,” a Chinese official told the outlet. “The Chinese side reviews and approves eligible applications for export of items managed in accordance with the law. The US side will cancel a series of restrictive measures taken against China accordingly.”
Despite pledging in London to facilitate export restrictions on rare earth magnets, China has reportedly stalled its license approval through a bureaucratic process, causing major disruptions in chain supply. Additionally, companies report that they are being asked to reveal sensitive information in their licensed applications, such as customer identity and component design. Their use of magnets – considering the history of intellectual property theft in China, It has been reported By the Wall Street Journal yesterday.
The White House did not respond to requests for comment on the Daily Call News Foundation’s final deal. However, White House officials told the DCNF yesterday that the administration “continues to monitor China’s compliance with the agreement reached in Geneva.”
The administration is also preparing to complete up to 10 new trade deals with global partners by the July 9 deadline set by Trump, Lutnick told Bloomberg. Countries that have not reached an agreement by then will face a “letter” that outlines new tariff schedules and US trade demands, Lutnick said.
“The people who are trading will be the people who are trading and everyone else who are negotiating with us will get answers from us and get into that package,” Rutnick said. “If people want to go back and negotiate more, they have the rights, but that tariff rate is set and we go.”
