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President Donald Trump stated that he would be willing to extend the deadline ending on July 8 for completing trade talks with countries before higher U.S. tariffs take effect, but he does not believe that will be necessary.

Trump mentioned to reporters yesterday (Wednesday) that "trade negotiations are ongoing with about 15 countries, including South Korea, Japan, and the European Union."

He confirmed that the United States will send letters within a week or two outlining the terms of trade deals to dozens of other countries, which they can accept or reject.

Trump had stated yesterday that China would supply rare earth elements to the United States in advance as part of a trade agreement between the two countries.

In a post on the "Truth Social" platform, Trump described the relationship between the world's two largest economies as "excellent," adding, "We will get total tariffs of 55%, while China will only get 10%."

He pointed out that China will supply rare metals and necessary rare earth elements in advance, while the United States will make certain concessions, including allowing Chinese students to study at American universities and colleges.

The U.S. president clarified that the agreement is still subject to final approval between him and Chinese President Xi Jinping, emphasizing his intention to work closely with the Chinese president to open the Chinese market to U.S. trade, describing it as "a big win for both countries!"

Representatives from both sides announced the day before yesterday (Tuesday) that they had reached a trade agreement after two days of high-level talks in London.