By Brett Samuels | The Hill
President Trump said Wednesday his administration reached a tentative agreement on a trade truce with China following talks between the two sides in London.
As part of the agreement, which Trump said was pending his approval and the approval of Chinese President Xi Jinping, China will supply “full magnets, and any necessary rare earths,” Trump said on Truth Social.
Trump indicated the U.S. would impose 55 percent tariffs on Chinese goods, while China would impose a 10 percent tariff on U.S. products.
“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!),” Trump posted, describing the relationship between the two sides as “excellent.”
The announcement comes after top Trump economic officials met in London with their Chinese counterparts. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer represented the Trump administration.