Trump claims the US-China trade war is over

President Donald Trump says he has reached a deal with China that will ensure the US receives rare earth materials, keeps tariffs at a total of 55 percent, and allows American universities to keep accepting Chinese students. Trump announced the news of the agreement on Truth Social, which he says is still “subject to final approval” by himself and Chinese President Xi Jinping.

As noted by NBC News, the 55 percent figure isn’t new, and includes the 30 percent tariffs Trump introduced earlier this year, along with a pre-existing 25 percent tax. China will also implement a 10 percent tariff on US goods under the agreement.

The purported deal follows weeks of negotiations and economic uncertainty, with a constant back-and-forth between the US and China making tariffs difficult for businesses and consumers to track. In April, China responded to Trump’s up to 145 percent tariffs by introducing new levies, as well as putting restrictions on rare earth minerals and magnets, halting some auto production lines in Europe.

The US and China agreed to pause tariff increases in May while the two worked out an agreement, but tensions increased even more when the US Secretary of State Marco Rubio announced plans to “aggressively revoke visas” for Chinese students late last month.

But now — at least according to Trump and his administration — the US and China are finally on the verge of an agreement. “We have reached a framework to implement the Geneva consensus and the call between the two presidents,” US Commerce Secretary Howard Lutnick said during a press briefing on Tuesday night.