President Trump says China trade deal is “done”, will include 55% tariff

A trade agreement with China was announced by President Donald Trump on Wednesday. Tariffs on Chinese goods will increase to 55%. The U.S. has agreed to a number of commitments, including facilitating the enrollment of Chinese students in American colleges and universities. LiveNOW’s Andy Mac is speaking with MarketWatch’s Rob Schroeder and taking a live look at the numbers on Wall Street.

On social media, Trump declared: “WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!”. In a follow-up social media post, Trump said he and Xi “are going to work closely together to open up China to American Trade. This would be a great WIN for both countries!!!”

The two countries announced May 12 after talks in Switzerland they had agreed to a 90-day suspension of most of the 100%-plus tariffs they had imposed on each other.

Under the new deal, President Trump announced that the United States will get magnets and rare earth minerals from China. Rare earth elements are important ingredients in electric vehicles, powerful magnets, advanced fighter jets, submarines, smartphones, television screens and many other products.

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