Trump Announces China Deal: 55% Tariffs, Rare Earths Secured

U.S. President Donald Trump has said that a new trade agreement between the United States and China is now complete. According to Trump, the deal is done and only needs approval from both him and Chinese President Xi Jinping to move forward.

As part of the agreement, the U.S. plans to place a total of 55% tariffs on Chinese products. These tariffs include earlier taxes and new ones added recently. In return, China has agreed to place a 10% tariff on goods coming from the United States.

One of the most important parts of the deal is that China will continue to supply rare earth materials to the U.S. These materials are very important for making things like electric cars, mobile phones, and defense equipment. In exchange, the U.S. has agreed to allow Chinese students to continue studying in American universities.

The deal was discussed during meetings in London, following earlier talks held in Geneva. The two countries had already been trying to reduce tensions and find common ground in recent months.

Even though Trump has said the deal is done, it is not officially signed yet. Both countries need to give final approval before it can take effect. Also, a U.S. court recently said that current tariffs will remain in place while legal reviews continue. A court hearing is scheduled for July 31.

Financial markets reacted carefully to the news. Some investors are worried that the high tariffs might hurt global trade and increase costs for businesses and consumers. Others are waiting to see how the deal will be carried out in real life.