London: European stock markets ended the midweek with losses except for Britain as US President Donald Trump announced a new trade deal with China after negotiations between the top two economies in London. The pan-European Stoxx 600 dropped 0.27%, or 1.48 points, to close at 551.64. Germany's DAX 40 index was down 0.16% to end at 23,948.9 points, and France's CAC 40 fell 0.36% to close at 7,775.9. Italy's FTSE MIB 30 index dropped slightly, 0.07%, to 40,180.24 points. Britain's FTSE 100 index bucked the trend, rising 0.13% to 8,864.35 points.

According to Anadolu Agency, a trade deal between Washington and Beijing 'is done,' subject to final approval with the presidents of the two countries, US President Donald Trump said on Wednesday. In a social media post, he stated that the US 'is getting a total of 55% tariffs, China is getting 10%.' "Full magnets, and any necessary rare earths, will be supplied, up front, by China," he mentioned. "Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities."

US Commerce Secretary Howard Lutnick informed CNBC on Wednesday that tariffs on China won't change again. Lutnick elaborated that the 55% tariff rate Trump announced will include a 20% tariff on fentanyl, 10% reciprocal tariff, and 25% tariff rate from the president's first term. US and Chinese officials met in London this week to discuss the tariff issue.