Trump announced on Truth Social Wednesday morning that a long-awaited trade deal had finally materialized, though it was still subject to “final approval” by Chinese President Xi Jinping and himself, and indicated that the U.S. would impose a 55 percent tariff on Chinese goods, while China would impose a 10 percent tariff.
Before Trump entered office, China and the U.S. both had roughly 20 percent tariffs on exports from each other’s countries. In an initial agreement last month, the U.S. had agreed to lower rates to 30 percent and China had lowered to 10 percent, before Trump blew up the deal.
Meanwhile the other terms of that deal seemed to provide assets both countries had before Trump’s ridiculous trade war.
China’s grip on rare earths had provided it with a lot of leverage in negotiations with the United States. When Trump first levied his astronomically high tariffs on China, Beijing essentially shut down exports, and even after it agreed to a truce, in Geneva last month, Beijing still required companies to purchase special licenses to buy them, placing a particular strain on robotics and defense companies.
Trump noted that allowing Chinese students to study at American universities has “ALWAYS BEEN GOOD WITH ME!”
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