Big news this morning on the trade front with China.
President Donald Trump announced there was a deal.
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%.
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% tariff rate would mark a meaningful increase from the 30% levy set in Switzerland during talks in May.
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'Major Breakthrough': Here Are the Details on the China Trade Deal
Trump shared the news on Truth Social. "Our deal with China is done, subject to final approval with President Xi and me."
— Rapid Response 47 (@RapidResponse47) June 11, 2025
The full post reads:
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 later added some additional context:
Adding to the China readout, President XI and I are going to work closely together to open up China to American Trade. This would be a great WIN for both countries!!!
Rare earth minerals and 55 percent? That's something.
Secretary of Commerce Howard Lutnick cheered the deal.
It was fantastic to team up with Secretary Scott Bessent and Ambassador Jamieson Greer. World-class team delivering world-class results for America. pic.twitter.com/hWxj1xyNv9
— Howard Lutnick (@howardlutnick) June 11, 2025
This is a breaking story, and we will keep you updated.
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