President Donald Trump has announced that the United States has finalized a trade agreement with China and hinted at an upcoming "very big one" with India. The announcement was made during the "Big Beautiful Bill" event.

Trump stated that the deal with China would ease export restrictions between the two countries. He posted on Truth Social that China would supply "full magnets, and any necessary rare earths...up front," as per the Geneva framework. This suggests a resolution to previous disagreements over rare earth shipments, which had been a sticking point in trade relations.

While Trump did not elaborate on the specifics of the agreement with China, he expressed optimism about its potential impact. “In the China deal, we're starting to open up China. Things that never really could have happened,” he said, suggesting that the agreement could lead to greater access for American businesses to the Chinese market.

In addition to the China deal, Trump teased the possibility of a significant trade agreement with India. "We have one coming up, maybe with India. Very big one. Where we're going to open up India, in the China deal, we are starting to open up China," he stated.

Earlier in June, India's Union Commerce and Industry Minister Piyush Goyal indicated that India and the US were in negotiations for a fair and equitable trade agreement that would benefit both economies. Goyal highlighted the close relationship between the two countries, emphasizing that the trade deal presented an opportunity to expand bilateral trade and strengthen their partnership.

However, finalizing a trade agreement between India and the United States may face challenges. Talks between the two countries have reportedly hit a stalemate due to unresolved disputes over duties on steel, auto parts, and agricultural goods. The United States is pressing India to reduce tariffs on American farm exports, while India remains cautious about opening up domestic sectors to increased competition.

Despite these challenges, there remains optimism that a mutually beneficial agreement can be reached. The United States has invested significantly in India, and American manufacturers seek relief from high Indian tariffs. Both countries must weigh the economic stakes against political and strategic realities to reach a breakthrough.

Trump also asserted that the U.S. would not make deals with every other nation. "We're not going to make deals with everybody. Some we are just going to send them a letter, say thank you very much. You are to pay 25, 35, 45 percent. That's the easy way to do it, and my people don't want to do it that way."

These developments come as the Trump administration approaches a July 9 deadline for imposing reciprocal tariffs, adding pressure to finalize trade agreements with key partners. While the details of the deals remain to be seen, these announcements signal a potential shift in global trade dynamics and the United States' relationships with China and India.