President Donald Trump announced that the U.S. will maintain high tariffs on Chinese goods, highlighting a preliminary trade agreement pending approval from both him and Chinese President Xi Jinping. Trump noted that China would supply rare earth minerals and magnets “up front,” though he did not specify the details. He claimed, “we are getting a total of 55% of tariffs, China is getting 10%,” but further explanation was lacking. A White House official clarified that the 55% figure includes the 30% tariffs implemented this year along with pre-existing duties totaling 25%.
This announcement followed two days of negotiations in London aimed at revitalizing a trade truce originally established in Geneva. Trump’s claims about the agreement went further than comments made by U.S. Commerce Secretary Howard Lutnick, who stated that a framework for implementing the Geneva consensus had been reached, but did not indicate major changes in market access for U.S. companies in China.
Moreover, U.S. Trade Representative Jamieson Greer indicated there were no additional meetings scheduled with Chinese officials, and specifics about the newly agreed framework were not committed to be released. Chinese officials acknowledged a general consensus on the Geneva agreement but also provided limited details.
These discussions occurred after both countries accused each other of violating earlier agreements that had led to a reduction of tariffs by 115%. The original pact included easing export restrictions on essential rare earth minerals and metals, crucial for products like batteries and automobiles. However, the U.S. has expressed concerns over the slower-than-expected lifting of these restrictions by China. The situation is developing, with ongoing updates anticipated.
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