President Donald Trump announced on Thursday that his administration signed a trade deal with China on Wednesday. The president also announced that his administration was preparing for a potential trade deal with India.
According to The Post Millennial, Trump’s announcement was revealed during an event on Thursday highlighting his proposed “One Big Beautiful Bill,” which is currently being considered in the Senate. The Post Millennial reported that the president said officials in his administration have been “working overtime making deals with other countries” following the implementation of major tariffs earlier this year.
“We just signed with China yesterday, right? Just signed with China,” Trump said. “We’re not going to make deals with everybody. Some, we’re just going to send them a letter, say thank you very much, you’re gonna pay 25, 35, 45 percent.”
“But we’re having some great deals. We have one coming up maybe with India,” Trump added. “We’re going to open up India. In the China deal, we’re starting to open up China. Things that never really could have happened. And the relationship with every country has been very good.”
According to Bloomberg News, U.S. Commerce Secretary Howard Lutnick confirmed that the United States and China finalized a trade understanding that was negotiated in Geneva, Switzerland, last month.
In an interview with Bloomberg News, Lutnick said the new deal was signed this week and solidified the terms that were previously discussed by U.S. and Chinese officials. Lutnick noted that the deal includes a commitment from China to provide the United States with rare earth materials.
READ MORE: Video: Trump admin secures major trade deal with China
“They’re going to deliver rare earths to us,” Lutnick said. The commerce secretary told Bloomberg News that once China delivers the rare earth materials, “We’ll take down our countermeasures.”
According to Reuters, an anonymous White House official confirmed on Thursday that the United States and China had finalized an agreement to send rare earth materials to the United States.
“The administration and China agreed to an additional understanding for a framework to implement the Geneva agreement,” the White House official said in a statement obtained by Reuters.
