President Trump said Wednesday his administration reached a tentative agreement on a trade truce with China following talks between the two sides in London.
As part of the agreement, which Trump said was pending his approval and the approval of Chinese President Xi Jinping, China will supply “full magnets, and any necessary rare earths,” Trump said on Truth Social.
Trump indicated the U.S. would impose 55 percent tariffs on Chinese goods, while China would impose a 10 percent tariff on U.S. products.
“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 posted, describing the relationship between the two sides as “excellent.”
TVNL Comment: Before Trump, the tariff on Chinese goods was between 0% and 5%. Many goods used by Americans are made in China, and now will increase in cost by a huge amount.
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