Trump says China deal 'done', Beijing to supply rare earths; tariffs on Chinese goods go to 55 per cent

President Donald Trump announced Wednesday 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 rise to 55 per cent.

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In return, Trump said, the U.S. will provide China “what was agreed to,” including allowing Chinese students to attend American colleges and universities. The Republican president had recently begun to clamp down on the presence of Chinese nationals on U.S. college campuses.

The new 55 per cent tariff rate would mark a meaningful increase from the 30 per cent levy set in Switzerland during talks in May. “OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME.,” Trump wrote Wednesday on his social media site.