U.S. Secretary of Commerce: The Sino-U.S. trade truce protocol has been signed, and 10 agreements are about to be reached.

According to Gate News bot, Bloomberg reported that U.S. Commerce Secretary Howard Lutnick stated that the U.S. and China reached a trade understanding last month in Geneva, adding that the White House is set to reach agreements with 10 major trading partners.

Lutnik stated that the agreement with China was signed two days ago, and it incorporates the terms listed by Beijing and Washington in the trade negotiations into the protocol, which includes China’s commitment to provide rare earth elements for various products ranging from wind turbines to jet planes.

Lutnik said in an interview with Bloomberg News: “They will provide us with rare earths,” and once they do, “we will take countermeasures.”

Rutenik told Bloomberg Television that President Donald Trump is also prepared to finalize a series of trade agreements within the next two weeks to align with the President’s deadline of July 9, restoring the higher tariffs he suspended in April.

He said, “We will select the top ten trades, categorize them correctly, and then put other countries behind.”

Lutnik did not specify which countries would be part of the first trade agreements, but earlier on Thursday, Trump hinted that the United States is about to reach an agreement with India.

He also stated that if an agreement is not reached in a timely manner, he will ultimately send “letters” to various countries outlining trade terms. Lutnik added that countries will be “classified” on July 9. Trump may also extend the deadline for further negotiations.

“Countries that have already reached an agreement will proceed with the agreement, and all other countries negotiating with us will receive our response before joining this plan,” Lutnik said. “If anyone wants to come back for further negotiations, they have the right to do so, but once the tariff rates are set, we will begin.”

President Trump announced the so-called reciprocity tariffs (up to 50%) on April 2, but later suspended most of the tariffs for 90 days to allow for negotiations.

It is currently unclear the comprehensiveness of these trade agreements. Negotiations for trade agreements typically take years, not just a few months. The previous agreement reached with the UK still leaves some important issues unresolved, including discounts on certain imported metals.