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The American president, Donald Trump, said this Wednesday that as part of the pending trade deal with China, the U.S. will impose a 55% tariff on Beijing, which in turn will maintain a 10% tax on the United States.

"Our agreement with China is done, subject to final approval by President Xi (Jinping) and myself. All complete magnets, and any necessary rare earth minerals, will be supplied by China," Trump announced in a post on his Truth Social network.