WASHINGTON — United States (US) President Donald Trump has said the US deal with China is done, with Beijing to supply magnets and rare earth minerals 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 the Truth Social social media platform on Wednesday without elaborating.
A White House official said the agreement allows the US to charge a 55 per cent tariff on imported Chinese goods. This includes a 10 per cent baseline “reciprocal” tariff, a 20 per cent tariff for fentanyl trafficking, and a 25 per cent tariff reflecting pre-existing tariffs.
China would charge a 10 per cent tariff on US imports.
Trump said the deal is subject to final approval by him and President Xi Jinping.
“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!),” he said.
On Tuesday, US and Chinese officials announced that they had agreed on a framework to revive their trade truce and lift China’s export restrictions on rare earths, although they offered little indication of a durable resolution to the longstanding trade tensions.
At the end of two days of intense negotiations in London, the United Kingdom, US Commerce Secretary Howard Lutnick told the press the framework deal puts “meat on the bones” of an agreement reached last month in Geneva, Switzerland, to ease bilateral retaliatory tariffs that had reached crushing triple-digit levels.
The Geneva deal had faltered over China’s curbs on critical minerals exports, prompting the Trump administration to respond with its own export controls, which prevented shipments of semiconductor design software, aircraft, and other goods to China.
Trump’s shifting tariff policies have roiled global markets, sparked congestion and confusion in major ports, and cost companies tens of billions of dollars in lost sales and higher costs.
— Reuters
The post Trump says China will supply rare earths, US to allow students appeared first on Selangor Journal.
