Washington: US President Donald Trump revealed on Wednesday that his country had reached an agreement with China regarding tariffs. Trump wrote on his Truth Social account that “the agreement with Beijing has been concluded… Under this agreement, China will supply his country with magnetic materials and rare earth minerals, while the United States will allow Chinese students to attend its colleges and universities.” He added, “We will receive a total tariff of 55 %, and China will receive 10 %.”

According to National Iraqi News Agency, Trump described the United States’ relationship with China as “excellent,” noting that the agreement is awaiting final approval by him and his Chinese counterpart, Xi Jinping. It is noteworthy that China recently announced its approval of some rare earth export requests without specifying the countries or sectors benefiting from it. This is a signal of the resumption of the flow of vital raw materials that China controls globally and are used in precision industries such as
defense, energy, and electric vehicles.