Rare minerals to us, college admissions to them: Trump’s done deal with China

United States President Donald Trump on Wednesday said that the deal with China is done, news agency Reuters reported.

With this deal, Beijing will supply magnets and rare earth minerals to the US while the latter will allow Chinese students in its colleges and universities.

“WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!” Trump wrote on Truth Social.

However, the US President also said that deal is subject to final approval by him and President Xi Jinping.

According to a Reuters report, a White House official said that following the agreement the US would charge a 55 per cent tariff on imported Chinese goods. This includes a 10 per cent baseline “reciprocal” tariff, a 20% tariff for fentanyl trafficking and a 25 per cent tariff reflecting pre-existing tariffs. China, in turn, would charge a 10% tariff on US imports.

“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!),” Trump added.