President Donald Trump praised a fresh cautious trade agreement with China on Wednesday, despite which Beijing’s tariff rate has previously been high.

In a later post, Trump stated that” President Xi[Jinping ] and I are going to work closely together to open up China to American Trade. WE ARE GETTING A TOTAL OF 55 % TARIFFS, CHINA IS GETTING 10 %. This would be a huge Get for both nations!!!

If this new arrangement holds, the US tariff rate on China will be set at 55 %, which is an increase from the 30 % rate set when the two nations signed a truce in May of last year. This came after several rounds of escalation, which saw China’s transfer taxes go up all the way to a level of 14 %. Trump added that in exchange for Chinese students being permitted to attend American colleges and universities, the US will have access to rare earth materials from China, including those that are essential for the production of technologies like smartphones. &nbsp,

During his first name, Trump’s trade war with China saw a 2 % increase in the average price level, which remained largely unchanged while Joe Biden was president. Increased taxes on goods from China will have a much greater impact on the cost of goods than taxes against other countries given how much the US has usually imported from it.

At this time, the 55 % price is still in effect. While agreements continued, the earlier 30 % charge was supposed to remain in effect until August. Additionally, it’s unclear whether this level will have the same effect on all Chinese goods, or whether some will be spared.