Trump Confirms Trade Pact With China and Hints at Upcoming Agreement With India

U.S. President Donald Trump has announced that he has reached a trade agreement with the Chinese government, after a tariff war with which he has come to impose levies of up to 145% on China, which responded with rates of 125% on U.S. products.

“We just signed with China yesterday, right? We just signed with China,“ he said during an event at the White House in which he did not provide further details on an agreement that the authorities of the Asian giant have not confirmed so far.

The White House tenant has assured that “we are having great offers” from other governments, and has suggested that the next country with which there could be an agreement is India. “We have one on the way, perhaps with India, a very big one,“ he said.

Commerce Secretary Howard Lutnick, for his part, said that Washington and Beijing signed this agreement days ago, although a month ago in Geneva they agreed on a mechanism for trade and economic consultations to resolve the tariff war declared by Trump.

Trump has assured that he has signed with China but has not given more details

The pact, he has indicated in an interview with Bloomberg news agency, includes China’s commitment to deliver to them rare earths used in everything from wind turbines to jet aircraft. “They are going to deliver rare earths to us,“ Lutnick said, adding that once they do, “we will withdraw our countermeasures.“

On the other hand, the Commerce Secretary announced that the U.S. government is close to reaching agreements on tariffs with ten trading partners. We are going to make the ten best agreements, put them in the right category, and then these other countries will follow,“ he said, without specifying which states they are.

Tension between the world’s two largest economies reached a new high point after President Trump progressively increased tariffs on Beijing to 145% after denouncing China’s role in the fentanyl trade and its huge trade surplus with the United States. In response, China increased its tariffs on U.S. goods to 125%, and with no intention of backing down.