A trade deal years in the making: Trump Announces Breakthrough US-China Trade Deal Amid Rare Earth and Tariff Tensions. After years of tit-for-tat tariffs, disrupted supply chains, and growing distrust, the United States and China have struck a new US-China trade deal. The announcement came directly from former President Donald Trump, who posted the details on his Truth Social platform, confirming that the deal is “done” pending final sign-off by Chinese President Xi Jinping.