#TrumpTariffs US President Donald Trump stated on Wednesday in London that the framework trade "deal" with China is "finished," pending approval by him and President Xi Jinping, after two days of negotiations in the British capital.

According to the preliminary agreement, China will restore export licenses for rare earth minerals and magnets "in advance," while the US will maintain a 55% tariff on Chinese imports. China will continue to impose a 10% tariff on American goods. The agreement also allows Chinese students to retain access to American universities.

However, Trump added that he plans to send letters to major economies in the coming weeks outlining tariff proposals by the deadline of July 9, related to his cautious pause on broad tariffs.

Markets reacted cautiously, viewing the London framework agreement as a limited truce rather than a comprehensive solution.

Despite initial optimism regarding the preliminary trade framework agreement reached in London, cryptocurrency prices fell on Thursday as traders reassessed the implications of prolonged global trade tensions.