Trump: We are getting a 55% tariff, China is getting 10%

Trump: We are getting a 55% tariff, China is getting 10%

The United States and China have agreed on a framework and implementation plan to ease trade tensions, following two days of high-stakes negotiations in London. US Commerce Secretary Howard Lutnick announced the agreement, stating that the deal should resolve issues between the two countries on rare earths and magnets [1].

The progress comes after President Trump's call with Chinese President Xi Jinping last week, which both leaders framed as positive. Tensions between the two countries had been rising since they reached a temporary truce in mid-May in Geneva. Both countries accused the other of breaching the agreement while ratcheting up pressure on other issues.

Meanwhile, Trump's most sweeping tariffs continue to face legal uncertainty. A federal appeals court held a decision saying his tariffs can temporarily stay in effect, reversing a lower court ruling that deemed the method used to enact them "unlawful" [2].

New tariffs are also coming into play. Effective Wednesday, June 4, Trump doubled tariffs on steel and aluminum from 25% to 50%. Additionally, the US sent a letter to partners as a "friendly reminder" that Trump's self-imposed 90-day pause on sweeping "reciprocal" tariffs is set to expire in early July [1].

The latest twists and turns in Trump's trade policy come as the president pushes countries to speed up negotiations. US and Indian officials held trade talks this week and agreed to extend those discussions on Monday and Tuesday ahead of the July 9 deadline [1].

The US and China are also considering a new tariff structure, with the US imposing a 55% tariff on certain goods and China a 10% tariff [3].

References:
[1] https://finance.yahoo.com/news/live/trump-tariffs-live-updates-us-china-agree-on-plan-to-ease-trade-tensions-as-us-appeals-court-allows-tariffs-to-remain-in-effect-200619320.html
[2] https://finance.yahoo.com/news/live/trump-tariffs-live-updates-us-china-trade-talks-going-well-could-stretch-into-wednesday-lutnick-says-200619400.html
[3] https://www.cbsnews.com/news/trump-tariffs-appeals-court-rules/