New York: Wall Street ended on a lower note as the United States and China reached a new trade deal. The S and P 500 declined by 0.27%, losing 16.57 points to close at 6,022.24. The Nasdaq Composite saw a decrease of 0.50%, dropping 99.11 points to end at 19,615.88. Meanwhile, the Dow Jones Industrial Average remained largely unchanged, with a slight dip of 1.10 points, finishing at 42,865.77.

According to Anadolu Agency, trade negotiations between the US and China concluded in London, where former President Trump announced that a trade deal was finalized, pending final approval from both countries' presidents. On his Truth Social platform, Trump stated that the US would implement a total of 55% tariffs, while China would impose 10%. He also mentioned that China would supply necessary rare earth materials upfront, and that the US would fulfill agreements, including allowing Chinese students to attend American colleges and universities.

Trump expressed satisfaction with the deal, describing the relationship between the two nations as "excellent." He further noted plans to work with Chinese President Xi Jinping to expand American trade access to China, emphasizing the mutual benefits of the agreement.

US and Chinese officials held discussions in London earlier this week to address tariff issues. Previously, the US had imposed significant tariffs on China in April, but both countries agreed to gradually reduce these tariffs over an initial 90-day period starting in May.

In other economic news, US consumer inflation figures for May were lower than anticipated, with annual rates at 2.8% and monthly rates at 0.1%. Additionally, the US federal budget deficit decreased by 9% year-on-year to $316 billion in May, with customs duties revenue increasing by 340% to reach $22 billion.