After two days of intensive discussions, US and Chinese officials have reached a consensus on trade framework in London. On November 11, President Donald Trump announced that the agreement between the US and China is finalized, with China agreeing to supply rare earths and magnets in advance, while the US will allow Chinese students to enroll in American universities and colleges.

In a post on his social media platform 'Truth Social', Trump stated, 'Our agreement with China is complete, awaiting final approval from President Xi and myself. China will supply all magnets and any necessary rare earths.' He also mentioned, 'We secured a total of 55% tariff while China has 10%, and the bilateral relationship is very good!'

After two days of intense negotiations in London, US Commerce Secretary Howard Lutnick noted that the structure agreed upon adds substantial content to the consensus reached in Geneva in May. However, due to ongoing restrictions by China on key mineral exports, the Geneva agreement has faced challenges, prompting the Trump administration to respond with export controls prohibiting semiconductor design software, chemicals, and other tech products from being exported to China. Lutnick indicated that the agreement reached in London would lead to the lifting of some recent export controls, although specific details have not been disclosed.