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President Donald Trump has said a U.S. trade deal with China has been “done” and that tariffs on Chinese goods have been set at 55%.
Writing on Truth Social, the president said the deal will mean Chinese students “using our colleges and universities (which has always been good with me!)”.
As part of the deal, Trump said “full magnets, and any necessary rare earths, will be supplied, up front, by China.”
He said the U.S. was getting “a total of 55% tariffs, China is getting 10%. Relationship is excellent!”
China and the U. S.—the world’s two largest economies—agreed on a new framework to revive stalled trade negotiations, following months of escalating disputes.
Officials concluded two days of high-level talks in London on Tuesday. The discussions centered on resolving frictions surrounding critical mineral and technology exports, which had threatened to unravel a fragile truce brokered in Geneva last month.
This is a breaking news story—more to follow.