Trump finalizes China, US trade deal on rare earth minerals, 55% tariff on imported goods

“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!”

The new deal appears to mark a significant de-escalation from previous months, during which tariffs between the two countries reached as high as 245 percent. Both the US and China held negotiations in London this week, where they reaffirmed a trade framework initially established in Geneva last month.

"China reiterates that the two sides should act in the same direction, keep their promises and fulfill their actions, show the spirit of integrity in abiding by their commitments and the efforts to implement the consensus," China's state news agency reported.

The mention of rare earth minerals follows the topic being a sticking point in negotiations, as China has cut off much of its exports to the US. Additionally, the president’s mention of Chinese students marks a reversal from earlier statements by Secretary of State Marco Rubio, who had said the federal government would begin revoking visas of certain Chinese students tied to national security concerns.