President Donald Trump said Wednesday that the U.S. and China have reached a deal in which China will supply rare earth minerals and magnets, and the U.S. will allow Chinese students to study at American universities.⁠
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“WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!” Trump wrote on Truth Social.⁠
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A White House official said the U.S. tariff includes a 10% reciprocal rate, 20% tied to fentanyl trafficking, and a 25% carryover from past policies. China will apply a 10% tariff on U.S. imports. Trump added that the deal awaits final approval from him and President Xi Jinping. “FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA,” he said.⁠
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Officials said the agreement revives a stalled trade truce by lifting Chinese export limits and resuming cooperation. Commerce Secretary Howard Lutnick described it as putting “meat on the bones” of last month’s Geneva talks.⁠
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The White House is reviewing whether to lower tariffs on Chinese imports as part of potential trade negotiations. A source familiar with the discussions said any reduction would be tied to a formal deal with Beijing rather than offered unilaterally. ⁠
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Reports suggest that current tariffs, raised to 145% earlier this year, could be cut to a range between 50% and 65%. A tiered structure is also being considered, similar to a House proposal that would apply 35% duties to low-risk goods and 100% or more to those deemed strategic.⁠
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President Donald Trump told reporters Tuesday that “145% is very high, and it won’t be that high,” adding, “It’ll come down substantially. But it won’t be zero — used to be zero. We were just destroyed. China was taking us for a ride.” He also said, “If they don’t make a deal, we’ll set the deal.” ⁠

While formal negotiations have not begun, Trump and administration officials say they are preparing conditions for a potential agreement.⁠
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Treasury Secretary Scott Bessent said Tuesday the trade conflict with China is “not sustainable,” and suggested de-escalation was likely, although talks had yet to begin and would be “a slog.” ⁠
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U.S. markets responded to the comments, with the S&P 500 climbing more than 2%. ⁠
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The Trump administration has opened the Pacific Remote Islands Marine National Monument to commercial fishing through an executive order issued Thursday. ⁠
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The monument, which spans nearly 500,000 square miles in the central Pacific, was originally established under President George W. Bush and expanded under President Obama. It includes coral reef ecosystems and habitats for species such as sea turtles, whales, dolphins, sharks, and manta rays.⁠
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Commerce Secretary Howard Lutnick defended the move, stating, “The economic zone around Hawaii and Samoa is huge and it’s exclusively ours, so why wouldn’t we have our fishermen fish there?” ⁠
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He added, “We were stopping our own fishermen from going off the coast. It’s totally the opposite of common sense.” Only U.S.-flagged vessels and select foreign vessels with American workers will be allowed to operate within 50 to 200 nautical miles of the monument’s islands.⁠
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The U.S. and Ukraine have signed a new agreement granting Washington access to Ukraine’s rare earth minerals and energy resources. ⁠
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The deal, named the United States-Ukraine Reinvestment Fund, is framed as a joint investment initiative and is expected to support Ukraine’s reconstruction while offering the U.S. compensation for its military assistance. ⁠
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Treasury Secretary Scott Bessent said the agreement reflects “a peace process centered on a free, sovereign, and prosperous Ukraine,” and President Donald Trump called the terms a safeguard against the U.S. “looking foolish” by not being repaid.⁠
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Ukraine’s government approved the deal after adding provisions to create a more balanced partnership. Prime Minister Denys Shmyhal described it as “an equal and good international deal.” ⁠
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The updated version limits the American contribution to future military aid, excludes previous assistance, and affirms compatibility with Ukraine’s path toward EU membership.⁠
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