US deal with China 'done'

PRESIDENT Donald Trump announced yesterday that the United States will get magnets and rare earth minerals from China under a new trade deal and that tariffs on Chinese goods will go to 55%.

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In return, Mr Trump said the US will provide China “what was agreed to” including allowing Chinese students to attend American colleges and universities.

The new 55% tariff rate would mark a meaningful increase from the 30% levy set in Switzerland during talks in May.

“OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME,” Mr Trump wrote on his social media site.

He said full magnets and any necessary rare earths will be supplied up front by China.

“WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!” Mr Trump wrote.