Donald Trump announces China trade deal with update on fate of Chinese students in US
"We are getting a total of 55% tariffs, China is getting 10%. Relationship is excellent. Thank you for your attention to this matter!" Trump wrote
After going back and forth for months, Presdient Donald Trump took to Truth Social to announce a 'deal' with China.
"Our deal with China is done, subject to final approval with President Xi and me. Full Magnets, and any necessary rare earths, will be supplied, up front, by China. Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!). We are getting a total of 55% tariffs, China is getting 10%. Relationship is excellent. Thank you for your attention to this matter!" Trump wrote.
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Trump's new deal will appear to restore relations with China as Trump halted student visas for international students, including China.
Trump and Chinese President Xi Jinping spoke on the phone June 5 about tariffs, according to China's embassy in Washington. The talks, which President Trump requested per China, were supposed to reconcile disagreements about Trump's tariff policy, in which he has placed steep tariffs on the major economic competitor.
The two countries recently agreed to a tentative truce that lowered the levies, however, both have accused the other of violating the agreement. The phone call was understood to be the first official conversation the two leaders have had since Trump resumed office, though they did also speak in January ahead of Trump's inauguration.
While the two tossed out accusations, Trump said after the call that the leaders resolved all issues regarding the mineral agreement in the trade deal and that their respective teams. He also said that he and Melania accepted an offer to meet personally with President Xi.
Yesterday, a federal appeals court agreed to let the government keep collecting President Donald Trump’s sweeping import taxes while challenges to his signature trade policy continue on appeal.
The decision by the U.S. Court of Appeals for the Federal Circuit extends a similar ruling it made after another federal court struck down the tariffs May 28, saying Trump had overstepped his authority. Noting that the challenges to Trump’s tariffs raise “issues of exceptional importance,’' the appeals court said it would expedite the case and hear arguments July 31.
The case involves 10% tariffs the president imposed on almost every country in April and bigger ones he imposed and then suspended on countries with which the United States runs trade deficits. It also involves tariffs Trump plastered on imports from China, Canada and Mexico to pressure them to do more to stop the illegal flow of immigrants and synthetic opioids across the U.S. border.
In declaring the tariffs, Trump had invoked emergency powers under a 1977 law. But a three-judge panel of the U.S. Court of International Trade ruled he had exceeded his power.
The tariffs upended global trade, paralyzed businesses and spooked financial markets.
