Mr. Trump announced that he had signed a trade agreement with China, promising to change the global economic landscape.

US and Chinese officials are said to have put into writing what was agreed in previous negotiations for signing.

On June 26, at the White House, US President Donald Trump said: "We just signed with China yesterday". However, he did not announce further details. He also revealed that he could soon reach an agreement to "open up" the Indian market.

On Reuters, a White House official said the US and China "have agreed on more details on a framework agreement to implement what was agreed in Geneva" in May. The Financial Times quoted a close source as saying that Washington and Beijing appear to have put what was agreed into a formal document.

Also on June 26, US Commerce Secretary Howard Lutnick told Bloomberg that the two sides had completed the agreement reached in Geneva. "That agreement was signed and finalized two days ago," he said.

US President Donald Trump speaks to the press at the White House on June 24. Photo: AP

According to the results of negotiations in Geneva in May, the US and China will jointly reduce import tariffs to create a premise for negotiating a comprehensive trade agreement. However, the agreement later fell into a deadlock due to disagreements related to China's rare earth exports and the US export control measures.

Earlier this month, the US and Chinese negotiating teams continued to meet in London. After 2 days, the two sides announced that they had reached a trade framework agreement to implement what was agreed upon in the phone call between the two leaders on June 5 and in the meeting in Geneva before that.

So far, the US has only reached an agreement with the UK. The Trump administration is accelerating negotiations with other trade partners before the July 9 deadline. If no agreement is reached, economies could be subject to import tariffs of up to 50%. US officials are currently in active negotiations with countries such as India, Vietnam, South Korea, Japan, and the European Union (EU).

In addition to imposing tariffs on imported cars, aluminum, and steel, the Trump administration is also considering a number of sectors, including semiconductors, consumer electronics, aerospace components, timber, copper, pharmaceuticals, and critical minerals.

(via FT, Bloomberg, Reuters)