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Informist, Wednesday, Jun. 11, 2025

NEW DELHI – The US and China are close to concluding a trade deal, according to US President Donald Trump. "Our deal with China is done, subject to final approval with President Xi (Jinping) and me," Trump said in a post on his social media platform Truth Social.

"Full magnets, and any necessary rare earth, will be supplied, up front, by China," Trump said. This holds significance in the context of Beijing's decision to suspend exports of seven rare earth metals and magnets. The action has caused severe shortages and hindered production at many automobile and defence equipment factories in the US and around the world.

The two sides had paused their tariff war last month and committed to concluding a trade deal. If Trump's pronouncement holds true, then China would be the second country after the UK to reach a deal with the US since Trump assumed office and announced the levy of reciprocal tariffs on all countries based on the US's trade deficit with them. The reciprocal tariffs will take effect Jul. 9.

India is also engaged in negotiations for a trade deal with the US. Both sides held the latest round of talks this month in New Delhi. India is also trying to conclude its deal with the Trump administration before the reciprocal 26% duty on Indian goods kicks in Jul. 9.  End

Reported by Krity Ambey

Edited by Rajeev Pai

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