President Donald Trump stated on Wednesday night that a business agreement with China is still in the works and that it needs only to be approved by him and Chinese President Xi Jinping.
According to Trump, the United States will continue to impose 55 % tariffs on China while Beijing will continue to impose a 10 % tax on American goods. The president claimed that China even made important concessions regarding the United States ‘ exports of rare earth minerals, which was a sticking point in negotiations because the products are essential to the power, defense, and automotive sectors.
Trump will permit Chinese students to enroll in Harvard and other U.S. universities in response to his previous concerns that some nations, like China, “pay nothing to their]students ‘] education.” The Trump presidency made a recent attempt to withdraw Harvard University’s Student and Exchange Visitor Program qualification, which prohibited Harvard from admitting foreign students, many of whom were from China.
Trump stated in a blog to Truth Social that “our deal with China is done, content to final approval with President Xi and me.”
” China will supply complete magnets, and any important rare earths, up before,” he continued. We will also offer Taiwanese students access to our colleges and universities ( which have always been fine with me! ), as agreed to. China is paying 10 % of the total tariffs, while we are getting 55 %. Excellent marriage, indeed!
The 50 % figure combines the 10 % reciprocal baseline tariff with the 20 % fentanyl tariff, 25 % tariffs for unfair trade practices, and Section 301’s 10 % fentanyl tariff.
Following conversations in Geneva, Switzerland, in which Beijing sought comfort from Trump’s 145 % tariffs, the U.S. and China reached a tentative deal deal one month later. The May 11 deal was halted by accusations of violating the agreement by both nations, though.
President Donald Trump and Chinese President Xi Jinping are greeted at the Great Hall of the People in Beijing on November 9, 2017. ( AP Photo/Andy Wong )
The discussions have rekindled recently, with best U.S. and Taiwanese diplomats meeting in London on Monday and Tuesday to finalize the deal.
Following the two-day gather, Commerce Secretary Howard Lutnick declared to investigators,” We have a foundation to apply the Geneva consensus.”
We will therefore try to put it into practice once the leaders have approved it, he added.
HOW THE US CAN ATTEND CHINA IN A CRITICAL MINERALS RACE
Trump and Xi had their first telephone calls since the start of trade talks last year. According to Trump, the almost 90-minute mobile phone “resulted in a very good conclusion for both nations.”
China’s decision to reach an agreement with the Trump administration comes after its exports to the United States decreased by 35 % in May.
