Trump Says China Will Supply Full Magnets, Necessary Rare Earths Upfront: ‘Relationship Is Excellent’

The U.S. President also stated that he will work closely with Chinese President Xi Jinping to revamp the U.S.-China trade, which he believes will be great for both nations.

President Donald Trump on Wednesday morning cheered the United States’ deal with China and said that the relationship between the two countries is excellent.

“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 said in his Truth Social post.

The rare earths and magnets were a key point of discussion between the two countries during their trade talks.

“WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!” he wrote on Truth Social.

Trump stated that he will work closely with Chinese President Xi Jinping to revamp the U.S.-China trade, which he believes will be great for both nations.

Chinese Vice Premier He Lifeng on Wednesday cheered the outcome of the trade deal talks with the U.S. and called for the continuation of dialogue between the two countries to further defuse tensions.

In a statement published by state broadcaster China Central Television, Lifeng called on both the U.S. and China to stick to the terms of the agreement.

“As a next step, the two sides should follow the important consensus and requirements reached by the two heads of state on the phone call, further play a good role in the China-US economic and trade consultation mechanism,” he said.

The announcement comes as investors have been waiting for any development with bated breath.

The trade wars between the U.S. and other countries have led to several companies slashing or withdrawing their full-year outlooks due to uncertainties. Many companies have also announced workforce reductions and other cost-cutting measures in recent months.

Benchmark U.S. indices traded in the green following the announcement. The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, traded 0.23% higher on Wednesday morning, while the Invesco QQQ Trust, Series 1 (QQQ), which tracks the Nasdaq Composite, was up 0.33%.

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