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President Donald Trump said the trade deal with China is 'done,' though details and confirmation from China were lacking.

Commerce Secretary Howard Lutnick said tariffs on China will be at the current 55% and not higher.

But supply chain executives said the damage has been done and won't be easily reversed, with job losses and higher consumer prices still likely. The CEO of a retail group said the 55% China tariff is far too high and "not a win for America."