by Manal Barakat, SeaNewsEditor

A trade agreement between the United States and China has been finalised after a series of negotiations in London.

Lloyd's List reports that the tariffs on China "remain at 30% — ­­10% for so-called reciprocal tariffs and 20% for fentanyl emergency tariffs. That’s on top of previously existing tariffs, which, according to Trump, are at 25%."

Trump also mentioned that he intends to set unilateral tariff rates with trading partners within the next one to two weeks.

The letters outlining the terms of the new agreements would be dispatched before the 9 July tariff-pause deadline.

According to Reuters, a key element of the deal is China’s commitment to supply the United States with rare earth elements, which are essential to industries such as automotive, semiconductors, and smartphones.

Reuters adds that China has confirmed the agreement and emphasised the importance of mutual adherence to the consensus.

The deal marks a tentative pause in the ongoing trade tensions between the world’s two largest economies.