WASHINGTON: U.S. President Donald Trump has announced an agreement with China that will allow the import of magnets and rare minerals from the country.
According to Trump, this agreement will raise tariffs on Chinese goods to 55%, up from the previous 33%. In response, China has imposed a 10% tariff on U.S. goods.
As reported by Agence France-Presse, in exchange for this agreement, Trump will permit Chinese students to study in American universities and colleges.
U.S. and Chinese negotiators announced on Tuesday that both sides have reached a temporary framework to resolve recent disputes, including tariffs, China’s control over rare minerals, and restrictions on the export of advanced technology from the U.S. to China.
The announcement of this agreement came after two days of negotiations that concluded yesterday in London. Chinese President Xi Jinping had spoken by phone with his U.S. counterpart Donald Trump a week prior, during which both sides agreed to the talks in London.
