US-China tariff agreement: a tactical episode amid the “strategic decoupling” and transformation of the global rare earth map

On June 11, 2025, U.S. Commerce Secretary Howard Lutnick announced a framework agreement with China to extend the Geneva Consensus, which provides for a 90-day “truce” in the tariff war and maintains the negotiation process.

Despite confirmation from Donald Trump, the agreement has not yet received approval from Xi Jinping, rendering it preliminary and not final. Under the new terms, the U.S. will maintain 55% tariffs on Chinese goods, while China will keep 10% tariffs on American products until a broader agreement is reached.

A key element of the new deal is Beijing’s partial lifting of export restrictions to the U.S. on rare earth elements and magnets, critical for high-tech manufacturing.