President Donald Trump on Wednesday announced that the US deal with China is done, with Beijing set to supply rare earth minerals and magnets, while the US will allow Chinese students in its colleges and universities.
“WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!” Trump wrote on Truth Social.
According to a White House official, the agreement allows the US to charge a 55 percent tariff on goods imported from China. This also includes a 10 percent baseline “reciprocal” tariff, a 25 percent tariff reflecting pre-existing tariffs, and 20 percent tariff for fentanyl trafficking.
China, in return, would charge a 10 percent tariff on US imports, the official told news agency Reuters.
“FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!),” Trump said in his post. He has also said the deal is subject to final approval by him and President Xi Jinping.
US and Chinese officials announced a framework agreement on Tuesday to revive their trade truce and lift China’s export restrictions on rare earths. Although the deal shows promise, it doesn’t necessarily signal a lasting resolution to the ongoing trade tensions.
After two days of intense talks in London, US Commerce Secretary Howard Lutnick stated that the framework adds substance to the Geneva agreement, which aimed to ease bilateral tariffs.
The previous deal had stalled due to China’s export curbs on critical minerals, prompting the Trump administration to impose its own export controls. Trump’s fluctuating tariff policies have caused market turmoil, congestion, and billions of dollars in losses for companies.
Doonited Affiliated: Syndicate News Hunt
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