US president Donald Trump has claimed on social media that a trade deal between the US and China has been reached, after trade talks between the two nations were held in London.
In a post on social media platform Truth Social, Trump wrote: “Our deal with China is done, subject to final approval with president Xi [Jinping] and me. Full magnets, and any necessary rare earths, will be supplied, up front, by China.
“Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!). We are getting a total of 55% tariffs, China is getting 10%. Relationship is excellent!”
It was fantastic to team up with Secretary Scott Bessent and Ambassador Jamieson Greer. World-class team delivering world-class results for America. pic.twitter.com/hWxj1xyNv9
— Howard Lutnick (@howardlutnick) June 11, 2025
Reuters has reported that a White House official confirmed that the 55% tariff that remains in place on China is comprised of Trump’s baseline 10% tariff announced on ‘Liberation Day’, a 20% tariff on all Chinese imports associated with Trump’s accusation of China’s alleged role in the flow of fentanyl into the US, and pre-existing 25% levies on imports from China put in place during Trump’s first term as president.
According to Reuters, Lin Jian, a spokesperson for China’s ministry of foreign affairs said at a regular news conference: “China has always kept its word and delivered results. Now that a consensus has been reached, both sides should abide by it.”
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But for some industry leaders, the 55% tariff, although significantly lower than the 145% rate set before both nations agreed to a truce in their trade war, still represents a threat to their supply chains.
Steve Lamar, CEO of the American Apparel and Footwear Association, told CNBC: “A reported 55% tariff on our largest supplier of American apparel and footwear, stacked on top of already high MFN and Section 301 rates is not a win for America.
“We’re closely watching for more details, but the reality is this: nearly all clothes and shoes sold in the US are now subject to elevated tariff rates. These costs will hit American families hard, especially as they get ready for back-to-school shopping and the holiday season. New trade deals that bring lower tariffs can’t come soon enough.”
The White House is yet to publish an official document confirming the agreement of this trade deal and its contents.
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