President Trump said that the U.S. trade deal with China is done and that the baseline American tariffs on Chinese goods will be 55% and Chinese tariffs on American goods will be set at 10%. Trump said that China agreed to supply rare earth minerals “up front” and that the U.S. will allow Chinese students in its colleges and universities. Trump said the deal is subject to final approval by him and Chinese President Xi Jinping.
The announcement came after the U.S. Court of Appeals for the Federal Circuit on Tuesday allowed President Trump’s April “Liberation Day” tariffs to remain in effect while it reviews a lower court decision blocking them on grounds that he had exceeded his authority under the International Emergency Economic Powers Act (IEEPA) by imposing them. The decision means Trump may continue to enforce his “Liberation Day” tariffs on imports from most U.S. trading partners, as well as a separate set of tariffs levied on Canada, China, and Mexico.