US President Donald Trump confirmed on Wednesday that a trade agreement between China and the United States has been negotiated. However, the trade agreement still needs to be finally approved by Trump and Chinese President Xi Jinping. Trump wrote on the social media site Truth Social.
According to Trump, the agreement means that Chinese goods will be subject to a 55 percent tariff when exported to the United States. American goods will be subject to a ten percent tariff in China. In addition, China will supply the United States with magnets and rare earths.
On Wednesday night, US Secretary of Commerce Howard Lutnick announced that the framework for the agreement had been determined. According to Lutnick, the framework for the trade agreement would build on an agreement that the two countries reached in Geneva in May to de-escalate the trade war.
The Geneva agreement meant that tariffs - which had been raised several times - were significantly lowered.
Lutnick also said that the trade agreement would involve finding a solution to restrictions that China has imposed on US imports of rare earths and magnets.
/ritzau/
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