'China deal done': US to lower tariffs to 55%, allow Chinese students for higher ed

Wednesday's announcement from Trump comes after a series of marathon negotiations were held between the US and China in London.

US President Donald Trump has announced that the tariffs on Chinese goods will be reduced to 55 per cent. With this decision, the US and China have called a truce in their ongoing trade row.

As per AP, the US president announced that Washington will get magnets and rare earth minerals from China. In exchange for this, the tariff rate will be slashed.

Taking to Truth Social, the US president shared that the deal with China is "done." This deal would include the lowering of tariffs, supply of rare earth minerals and magnets, and allowing Chinese students to study in US universities and colleges.

"OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI 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!" said Trump.

While Trump has claimed that China will be reducing the tariffs to 10 per cent, official confirmation from Xi Jinping and the CCP government is awaited.

US-China trade row 

Last week, Chinese president Xi Jinping and Donald Trump held a phone call regarding their ongoing tariff dispute. The phone call, as per Chinese state media, was held at the request of the US President.

Wednesday's announcement from Trump also comes after a series of marathon negotiations were held between the US and China in London. 

As per reports, during this meeting, both countries agreed to revive the flow of sensitive goods and implement the terms of the May deal in Geneva, which reduced tariffs for both sides. 

In Geneva, US tariffs on goods from China were lowered from 145 per cent to 30 per cent. Whereas, China dropped its tariffs on US goods from 125 per cent to 10 per cent.