Trump on Wednesday said he was very happy with the trade deal. “Our deal with China is done, subject to final approval with President Xi and me,” Trump said on Truth Social.
“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 per cent tariffs, China is getting 10 per cent.”
Still, specifics of the latest deal and details on how it will be implemented remain unclear.
A White House official said the 55 per cent represents the sum of a baseline 10 per cent “reciprocal” tariff Trump has imposed on goods imported from nearly all US trading partners, 20 per cent on all Chinese imports associated with his accusation that China had not done enough to stem the flow of fentanyl into the US, and pre-existing 25 per cent levies on imports from China put in place during Trump’s first presidential term.
China’s commerce ministry, when asked about the export curb on rare earths, said it will continue to strengthen the examination and approval process, but declined to disclose how many licences would be approved this week.
“China is willing to further enhance communication and dialogue on export control with relevant countries, and promote the facilitation of compliant trade,” ministry spokesperson He Yadong told a regular press conference.
