U.S. President Donald Trump declared Wednesday that a trade agreement between the United States and China was “done,” just hours after Washington and Beijing negotiators reached a consensus on a framework to restore a shaky trade truce and lift Chinese export restrictions on rare earth minerals and other vital industrial components.
U.S. Commerce Secretary Howard Lutnick said that two days of intense negotiations in London had put “meat on the bones” of an agreement made last month in Geneva to reduce bilateral retaliatory tariffs that had risen to crippling triple-digit levels. Trump used his social media platform to share some of the first details of the agreement.
The 55%, according to a White House official, is the total of the following: a baseline 10% “reciprocal” tariff that Trump has placed on goods imported from almost all U.S. trading partners; 20% on all Chinese imports due to punitive measures he has imposed on China, Mexico, and Canada in connection with his claim that the three countries help to bring the opioid fentanyl into the United States; and, lastly, pre-existing 25% levies on imports from China that were implemented during Trump’s first term in office.
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