In a significant breakthrough, the United States and China have reached a new trade agreement, following a series of joint discussions. According to a statement made by US President Donald Trump on Wednesday, the agreement now awaits the final approval of Chinese President Xi and himself.
Under the terms of the agreement, China has committed to supplying the US with magnets and rare earth minerals, essential for various industries. In return, Chinese students will continue to have access to US higher education institutions. Trump also revealed that the US will receive a total of 55% in tariffs, while China will receive 10%.
The development marks a crucial step in the ongoing trade negotiations between the world’s two largest economies and is likely to have a significant impact on the global trade landscape.