Washington: The United States and China have reached an agreement for a 90-day economic truce, aiming to alleviate some of the high tariffs that have been imposed on each other since President Donald Trump took office. This agreement was revealed by US President Donald Trump, who shared details about the negotiations on his Truth Social account.

According to National Iraqi News Agency, President Trump announced that under this new agreement, China will supply the United States with magnetic materials and rare earth minerals. In exchange, the United States will allow Chinese students to attend its colleges and universities. Trump further elaborated that the United States will receive a total tariff of 55%, while China will receive 10%. He described the current relationship between the United States and China as “excellent” and noted that the agreement is pending final approval by both himself and Chinese President Xi Jinping.

Additionally, it is noteworthy that China has recently approved some rare earth export requests, although it has not specified the countries or sectors that will benefit. This move is seen as a signal of the resumption of the flow of vital raw materials controlled by China globally, which are crucial for precision industries such as defense, energy, and electric vehicles. The economic truce between the United States and China signifies a step towards reducing the tensions that have been prevalent since the imposition of tariffs earlier in President Trump’s term.