President Donald Trump announced on Wednesday that the U.S. will maintain elevated tariffs on Chinese imports, following a two-day negotiation session aimed at advancing a preliminary trade agreement with Chinese President Xi Jinping.
In a post on his Truth Social platform, Trump revealed that China will provide rare earth minerals and magnets “up front,” although he did not specify the terms of the arrangement. He also stated, without further explanation, that “we are getting a total of 55% of tariffs, China is getting 10.”
A White House official clarified to NBC News that the 55% figure is not a new development; it includes the 30% tariffs introduced by Trump this year in addition to the existing 25% duties.
Commerce Secretary Howard Lutnick shared on CNBC that he does not anticipate any changes to the tariff rates applied by the U.S. on Chinese imports. Nevertheless, it is notable that Trump has altered tariff rates on China at least three times since April 2.
Trump’s remarks came after high-level U.S. and Chinese officials concluded two days of discussions in London, aimed at reviving a trade truce that was initially established in Geneva last month. In contrast to Trump’s post, Lutnick indicated a more cautious assessment of the negotiations, stating, “We have reached a framework to implement the Geneva consensus and the call between the two presidents.”
He added, “I think we have the two largest economies in the world have reached a handshake for a framework.”