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President Trump says the US and China have reached a trade deal, but don’t expect any tariff relief.
In a Truth Social post, Trump indicated the agreement includes a 55% tariff, presumably on Chinese imports. “WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!” he wrote.
That’s not a great sign for consumers, especially since the current trade truce between the countries imposes a 30% tariff on many Chinese imports. But it’s possible the 55% tariff only applies to certain goods.
The agreement is still pending final approval from both Trump and Chinese President Xi Jinping, according to the Truth Social post. As part of the deal, Trump says China is restoring US access to rare earth minerals, including magnets needed for many electronics.
In return, the White House has agreed to allow Chinese students to remain at US colleges; the Trump administration previously threatened to revoke their visas.
“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!!!” Trump added in another post.
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In the meantime, a federal appeals court last night granted a formal stay, keeping Trump’s most sweeping tariffs on China and dozens of other countries intact, after a US trade court ruled them unlawful last month.
The appeals court plans on hearing oral arguments on the case on July 31. Trump has been imposing the tariffs by invoking the 1977 International Emergency Economic Powers Act, which lets a sitting US president regulate global commerce in “unusual and extraordinary” circumstances. However, last month, a three-judge panel from the US Court of International Trade ruled that the White House has been exceeding its authority to impose the worldwide tariffs, which led the Trump administration to appeal.
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