US, China Finalize Trade Deal, US Plans 10 Partner Agreements

The United States and China have formally finalized a trade agreement initially reached in Geneva, which includes China's commitment to deliver rare earth minerals crucial for US industries such as defense and green energy. US Commerce Secretary Howard Lutnick stated that once China delivers these rare earths, the US will remove countermeasures previously imposed. This agreement marks a significant milestone following previous tensions and accusations of breaching informal accords, although its success depends on China's consistent export of these critical materials. In addition to the China deal, the White House, under President Donald Trump, plans to finalize trade agreements with up to ten major trading partners before a tariff deadline on July 9. Trump has indicated that countries not reaching agreements by the deadline will receive letters detailing their tariff status but can continue negotiations thereafter. The announcement of the US-China deal has positively influenced global markets, with gains in European and Asian equities reflecting optimism about further trade agreements.