US AND CHINA ANNOUNCE $17 BILLION AGRICULTURAL DEAL AND RARE EARTH ACCESS PACT FOLLOWING TRUMP-XI SUMMIT

The United States and China announced a series of trade agreements following President Donald Trump's two-day summit with Chinese leader Xi Jinping in Beijing, with China committing to purchase $17 billion in American agricultural products annually through 2028, according to the White House. Beijing also agreed to address American access to rare earth minerals, a critical supply chain priority for U.S. defense and technology industries. The deals were concluded on the final day of talks that the White House described as productive, though analysts called the summit "underwhelming" in broader structural terms.

On the tariff front, China indicated that reducing duties on American goods would be part of future negotiations, but the White House made no firm commitments on its own tariff schedule. In Europe, President Trump issued a deadline of July 4 for the European Union to ratify a trade agreement reached last year or face automobile and truck tariffs of up to 25 percent. The EU has not yet signaled whether it will meet the deadline, and Brussels is expected to respond through official diplomatic channels in the coming days.

In a separate legal development, a divided U.S. Court of International Trade panel ruled on May 7 that 10 percent global tariffs imposed by President Trump under Section 122 of the Trade Act of 1974 were unlawful and unauthorized, a decision that could have significant implications for the administration's broader tariff strategy. The White House said it was reviewing the ruling. Treasury yields remained range-bound in the aftermath of the summit, though analysts warned of upward yield shocks should tariff-related uncertainty persist into the second half of the year.