Deal getting U.S.-China trade truce back on track is done, Trump says

Trump took to his social media platform to offer some of the first details to emerge from two days of marathon talks held in London that had, in the words of U.S. Commerce Secretary Howard Lutnick, put "meat on the bones" of an agreement reached last month in Geneva to ease bilateral retaliatory tariffs that had reached crushing triple-digit levels. A White House official said the 55% represents the sum of a baseline 10% "reciprocal" tariff Trump has imposed on goods imported from nearly all U.S. trading partners; 20% on all Chinese imports because of punitive measures Trump has imposed on China, Mexico and Canada associated with his accusation that the three facilitate the flow of the opioid fentanyl into the U.S.; and finally pre-existing 25% levies on imports from China that were put in place during Trump's first term in the White House. "If China will course correct by upholding its end of the initial trade agreement we outlined in Geneva - and I believe after our talks in London, they will - then the rebalancing of the world's...two largest economies is possible," Treasury Secretary Scott Bessent told members of Congress on Wednesday after returning from the London talks overnight.