US President Donald Trump revealed that an agreement has been reached between the United States and China. He shared preliminary details of the agreement on his social media platform, which will be "subject to final approval" by both countries at the presidential level.
Under the agreement, China will supply all magnets and any necessary rare earth minerals in advance. Similarly, the United States will provide China with what was agreed upon, including allowing Chinese students to study at American colleges and universities.
Trump explained, "Under the agreement, we will receive a 55 percent tariff, while China receives a 10 percent tariff. The 55 percent tariff represents the reciprocal 10 percent tariff and the 20 percent tariff on Chinese imports due to the measures imposed on China, Mexico, and Canada, and the previous 25 percent tariff on imports from China."
Source (Al-Sharq Al-Awsat Newspaper, Edited)
