Trump Announces Trade Deal and Drops Plans to Revoke Chinese Student Visas

President Donald Trump says the U.S. has reached a trade deal with China and is ditching plans to revoke Chinese student visas.  

“Our deal with China is done, subject to final approval with President Xi [Jinping] and me,” Trump wrote on Truth Social Wednesday. “Full magnets, and any necessary rare earths, will be supplied, up front, by China. Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!)”  

Trump’s pledge to continue to allow Chinese students to study in the U.S. is a reversal from Secretary of State Marco Rubio’s announcement at the end of May that the U.S. would begin revoking the visas of Chinese students.  

The news of the deal follows two days of talks in London between top Chinese and U.S. officials, including Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, and U.S. Trade Representative Jamieson Greer.  

The agreement between the two countries would allow for China’s flow of rare earth minerals and magnets to again be imported into the U.S. and lower tariffs.  

Trade relations with China escalated in April when Trump announced he was raising tariff on goods coming into the U.S. from China to 125%.  

In May, following talks between the U.S. and China in Geneva, the two counties agreed to lower tariffs for a 90-day period while negotiations continued. The deal announced Wednesday appears to include the same terms the two countries reached during the talks in Switzerland.  

Trump says the U.S. will now impose a maximum 55% tariff on goods flowing into the U.S. from China, and China will hold to a 10% tariff on U.S. goods entering their country.  

“Adding to the China readout, President XI and I are going to work closely together to open up China to American Trade,” Trump wrote in a second Truth Social post on Wednesday morning. “This would be a great win for both countries!!!” 

Few additional details are known about the deal. White House press secretary Karoline Leavitt is likely to face questions about the agreement between the two counties at today’s 1 p.m. White House press briefing.