While Donald Trump hailed the outcome of trade talks in London, Xi Jinping walked away with an understated strategic gain: a negotiating process that buys China time and helps defuse the threat of more harmful tariffs and technology curbs.

The president said he and Chinese President Xi Jinping still need to sign off on a preliminary deal, even though he called it "done."

BEIJING (Reuters) -Billions of dollars of Chinese goods have been impacted by additional U.S. tariffs since 2018, initially under the first Donald Trump presidency and later under the Biden administration. Returning to the White House this year, Trump has imposed even more duties on China.

President Trump told reporters on Wednesday that he would send letters to trading partners in the next week or two setting unilateral tariff rates. “At a certain point, we’re just going to send letters out.

The Rodon Group produces billions of plastic parts every year — including parts for the popular toy brand K'nex — at its factory in Hatfield, Pennsylvania.

One expert said he expected loosened controls on U.S. exports of semiconductors in exchange for China's releasing of more rare earths.

Treasury Secretary Scott Bessent told Congress that it is "highly likely" that a pause related to steep new US tariffs on other countries will be extended for countries that are negotiating with the administration "in good faith.

Trump’s tariffs and the latest trade deal with China continue to affect global markets. Follow along for live updates on the Dow, S&P 500 and Nasdaq.