- Donald Trump announced that American and Chinese negotiators in London have reached a deal to avert a trade war, pending final approval from him and Chinese President Xi Jinping.
- Trump stated that China agreed to supply "full magnets" and "any necessary rare earths" to American buyers in exchange for dropping his plan to prohibit Chinese students from enrolling in American colleges.
- The U.S. and China will maintain effective tariff rates on respective imports at 55 percent and ten percent.
- The agreement followed two days of talks in London between Chinese representatives and top Trump administration officials.
- The talks aimed to reinforce a fragile truce in the trade war after previous discussions in Geneva, addressing export controls on semiconductors and rare earth metals.
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