Yesterday, Donald Trump announced that a "trade" agreement has been reached with China, although he described it more as a "framework" subject to final approval. He stated that the U.S. will impose a total of 55% tariffs on Chinese imports, while China will apply a 10% tariff on U.S. goods. According to Trump, China will facilitate the acquisition of magnets and rare earth minerals by the U.S. industry. In return, the U.S. will stop efforts to revoke Chinese student visas at U.S. universities. Despite the scant details, Trump emphasized that the relationship is "excellent" and that both countries will work together to open trade.