Trump announces 55% tariffs on China after reaching trade agreement

President Donald Trump celebrated the agreement reached with China in London Wednesday after two days of trade talks, which he said will ensure a steady supply of rare earth minerals to the U.S. economy and set a tariff rate to ease a tense trade war between the two countries.

"Our deal with China is done, subject to final approval with President Xi and me," he said on Truth Social, adding that the relationship between the two countries is "excellent."

The agreement unveiled by Trump explains that tariffs of 55% would apply to Chinese goods entering the U.S., while China would impose a 10% tariff on American goods.

The president also assured that "Full magnets, and any necessary rare earths, will be supplied, up front, by China," and likewise, the U.S. will provide its own concessions, "including Chinese students using our colleges and universities."

Trump did not offer further details of the trade agreement with China.

The business round in London

A month after their meeting in Geneva, the United States and China kicked off a new series of negotiations Monday in London in the utmost secrecy.

The meeting between the two major world economic powers was closely monitored by the markets, which have already been shaken on multiple occasions by the tariff war in recent months.

On Washington's side, the delegation was led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer. On the Chinese side, the group was led by Vice Premier He Lifeng, who led the previous talks in Switzerland.