#TrumpTariffs U.S. President Donald Trump said on 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% tariff on the United States.

"Our deal with China is done, subject to final approval by President Xi (Jinping) and myself. Complete 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 according to the agreement made in meetings between senior Chinese and U.S. officials in London, the U.S. will fulfill its part of the deal, which includes approving visas for Chinese students enrolled in universities in the country. We are getting a total of 55% in tariffs, China is getting 10%. The relationship is excellent!" Trump stated.