Trump Announces Preliminary Trade Agreement with China on Rare Earth Imports,Tariff Reductions
Nada Mustafa
U.S. President Donald Trump announced on Wednesday a preliminary agreement with China, under which the United States will begin importing rare earth metals from Beijing.
Trump stated that the agreement also includes provisions regarding the enrollment of Chinese students in American universities.
He affirmed that the U.S. will secure total tariffs of 55%, while China will receive 10%.
The two countries recently agreed to a significant mutual reduction of tariffs on each other's goods for an initial period of 90 days, an unexpected breakthrough that boosted global markets.
According to the joint statement, the United States will temporarily reduce tariffs on Chinese goods from 145% to 30%, while China will lower its tariffs on American imports from 125% to 10%.
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