Trump Announces China Rare Earth Deal, Tariffs Set at 55%

President Donald Trump announced a trade framework with China that includes upfront supplies of critical rare earth minerals and industrial magnets to the U.S. in exchange for allowing Chinese students to continue studying in American universities. The deal involves a total tariff rate of 55% on Chinese imports, though this figure incorporates existing tariffs rather than representing a new increase. This framework emerged after two days of negotiations in London aimed at reviving trade talks between the two largest economies. Trump described the agreement as a win for both countries and expressed intentions to work closely with Chinese President Xi Jinping to open up China to American trade. However, officials clarified that the arrangement is not a finalized treaty but a preliminary framework subject to final approval. The deal has also raised concerns about human rights issues related to mineral sourcing from China's Xinjiang region, where forced labor accusations persist.