President Donald Trump announced Wednesday that the U.S. has come to an agreement with China over tariffs.
The deal, according to Trump’s post on Truth Social, will see U.S. tariffs on China lowered to 55 percent, while China will impose a 10 percent tariff on American imports. Chinese students will continue to be allowed to attend American universities, and in return China has agreed not to interrupt imports of magnets, rare earth metals, and other related materials.
Trump’s announcement is a major deescalation in the brewing conflict with China, a country the president has often denounced for its unfair trade practices and hostility towards American interests. Since his inauguration, it has been the target of higher tariffs than any other country, briefly reaching 145 percent before being suspended for trade talks.
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