President Donald Trump announced Wednesday a new trade agreement with China, a deal he claims will secure vital magnets and rare earth minerals for the United States while significantly increasing tariffs on Chinese goods to 55%. In exchange, the U.S. will permit Chinese students to enroll in American colleges and universities, a reversal of the Trump administration’s recent tightening of restrictions on Chinese nationals on U.S. campuses.
The new 55% tariff rate marks a substantial increase from the previous 30% levy established during negotiations in Switzerland last May.
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“OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME.,” Trump declared on his social media platform. He specified that China would provide full magnets and all necessary rare earths upfront.
“WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!” Trump added, indicating a significant imbalance in the tariff rates applied by each nation.
The announcement follows two days of intensive talks in London, where senior U.S. and Chinese negotiators reportedly agreed on a framework late Tuesday to revive trade discussions that had been fraught with disputes.
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This development comes after a period of strained relations, with President Trump previously accusing China of “violating” a prior trade agreement.
Concurrently, the European Parliament recently announced that China had lifted sanctions it imposed on five EU lawmakers in 2021.
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