(NewsNation) — The United States and China have reached a tentative trade deal, President Donald Trump announced Wednesday.
“Our deal with China is done, subject to final approval with President XI and me,” Trump wrote in a social media post.
Trump said China would provide the U.S. with magnets and rare earth minerals “up front,” while the United States has agreed to allow Chinese students to attend U.S. colleges and universities.
The announcement come as Trump had recently begun cracking down on the presence of Chinese nationals on U.S college campuses, though he said Wednesday that this has “always been good with me.”
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Trump said tariffs on Chinese goods will move to 55%, which would mark an increase from the 30% levy set in Switzerland during talks in May. China will impose a 10% tariff on U.S. goods.
“WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!” Trump wrote.
Tariff negotiations between the two nations had stalled in recent weeks after officials agreed last month for the U.S. to lower its tariff rate on imports from China from 145% to 30%. Beijing also reduced its rate on U.S. goods from 125% to 10%.
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Senior U.S. and Chinese negotiators announced late Tuesday in London that they had agreed on a framework to get their trade negotiations back on track after a series of disputes that threatened to derail them.
The announcement came at the end of two days of talks in the British capital that wrapped up late Tuesday.
The Associated Press contributed to this report.
