Trump announces breakthrough in trade talks with China, US to impose 55% on Chinese goods in new agreement
President Donald Trump has announced the finalization of a trade deal with between the United States and China.
The deal is now subject to final approval between himself and Chinese President Xi Jinping.
Key details includes Tariff Adjustments with Trump announces the U.S. will impose a 55% tariff on Chinese imports.
China will apply a 10% tariff on American goods. This follows a temporary 90-day tariff reduction agreement back in May.
In an X post, President Donald Trump wrote:
“OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. 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!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!”
It is important to note that before the new trade deal announced by Donald Trump, tariffs on Chinese goods were 30%, and China’s tariffs on U.S. goods were 10%,.
After the deal, the United States tariffs rose to 55%, while China’s own remained at 10%.
This made many commentators across the media came into conclusion that the United States got the better deal.
