Ptsident Trump announced on Wednesday that the U.S.-China trade agreement is finalized but many details remain unclear. Through his Truth Social account he announced that China will provide rare earth minerals and permit Chinese students to attend U.S. colleges while the U.S. will impose a 55% total tariff on Chinese goods.
A White House official explained that the 55% tariff structure consists of a 10% “reciprocal” tariff and 20% fentanyl trafficking tariff and 25% existing tariffs from Trump’s previous administration. The framework requires Trump and President Xi Jinping to give their final approval before it can become effective.
The U.S.-China officials gathered in London this week to restore the Geneva agreement from last month which failed because of Chinese restrictions on critical mineral exports. The agreement’s implementation details are unclear but Trump described it as a mutual trade opportunity that would allow American businesses to access the Chinese market.
China’s commerce ministry did not immediately comment.
