‘Deal is done…’: Donald Trump announces US-China trade agreement; says China to give rare earths, America to allow Chinese students subject to….
US-China trade deal done? US President Donald Trump announced on Wednesday that the trade deal between America and China is ‘done’, subject to approval from him and Chinese President Xi Jinping. Trump also announced that the US will implement 55% tariffs on China, while China will apply 10% tariffs.As part of the deal, the United States will receive magnets and rare earth minerals from China. The agreement includes provisions for Chinese students to continue their education at American colleges and universities. This marks a shift from his recent policy that restricted Chinese nationals’ presence at US educational institutions.Trump posted on Truth Social, “OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. 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!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!”A senior official from the White House told Reuters that under the US-China trade agreement, the United States maintains authority to impose a 55% tariff on Chinese imports. The structure comprises a 10% basic “reciprocal” tariff, an additional 20% for fentanyl-related concerns, and a 25% continuation of existing tariffs. According to the official, China would implement a 10% duty on American imports.Also Read | Donald Trump’s tariffs to stay – for now! US appeals court extends temporary reprieve for Trump administration; here’s what it meansFollowing discussions in London on Tuesday, representatives from both the United States and China had announced their consensus on a framework to restore their trade agreement and eliminate Chinese restrictions on rare earth exports. Howard Lutnick, the US Commerce Secretary, speaking to journalists after two days of rigorous talks in London, stated that the framework agreement strengthens the preliminary deal reached in Geneva last month, which aimed to reduce the substantial retaliatory tariffs that had escalated to triple-digit percentages.
