Italian billionaire Gianluigi Aponte’s Terminal Investment Ltd. is reportedly leading the deal, with investments from BlackRock and its Global Infrastructure Partners unit.

Commerce Secretary Howard Lutnick said Wednesday that U.S. tariff levels on Chinese imports will not change from their current levels, even as a trade deal between Washington and Beijing has yet to be finalized.

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

The United States and China have agreed on a framework to implement their trade truce, officials on both sides said Wednesday, after concluding two days of talks in London to defuse tensions and ease export restrictions that threaten to disrupt global manufacturing.

High-level delegations from the United States and China are meeting in London to try and shore up a fragile truce in a trade dispute that has roiled the global economy.

U.S.-China talks on trade have been “productive,” U.S. Treasury Secretary Scott Bessent said. After two full days of talks in London, Bessent said he was heading back to the U.S. for planned testimony to Congress on Wednesday.

BERLIN (Reuters) -Germany welcomes a China-U.S. agreement on easing rare-earth export restrictions and hopes negotiations between the United States and the European Union could be solved in a similar way, Chancellor Friedrich Merz said on Wednesday.

Here are all the tariffs, counter-tariffs, dealmaking, and deal-breaking between the world’s two biggest economies.