Donald Trump has endorsed a newly reached US-China trade deal aimed at enhancing supplies of rare earth minerals crucial for industries like automotive and electronics. This pact, forming part of an intricate negotiation after previous tariffs, establishes a total tariff of 55% on China, reflecting a mix of existing tariffs and new levies. The deal not only addresses trade but also paves the way for greater Chinese student access to US universities. While awaiting final approval from Xi Jinping, both sides aim to stabilize their trade relationship despite ongoing challenges.
Our deal with China is done, subject to final approval with president Xi and me. We are getting a total of 55% tariffs, China is getting 10%. Relationship is excellent!
The London framework put meat on the bones of an agreement reached last month in Geneva to ease retaliatory tariffs that had reached crushing triple-digit levels.
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