#TrumpTariffs US President Donald Trump said Wednesday that as part of the pending trade pact with China, the US will impose 55% tariffs on Beijing, which in turn will maintain 10% tariffs on the United States.

"Our deal with China is complete, subject to final approval by President Xi Jinping and me. The completed magnets, and any rare earth minerals needed, will be supplied by China," Trump announced in a post on his Truth Social network.

The president added that as agreed upon in meetings between senior Chinese and US officials in London, the US will honor its end of the deal, which includes approving visas for Chinese students enrolled in Chinese universities. "We are getting a total of 55% tariffs, China is getting 10%. The relationship is great!" Trump said.