Trump Confirms China Tariffs Will Remain High Following Two Days of Negotiations

President Donald Trump announced on Wednesday that the United States will maintain high tariffs on Chinese imports, highlighting a preliminary trade agreement that he and Chinese President Xi Jinping must approve. Trump indicated that China will supply rare earth minerals and magnets “up front,” although the specifics of this arrangement remain unclear.

He also claimed that the U.S. is benefiting from “a total of 55% of tariffs, while China is getting 10%,” but further details were not provided. According to a White House official who spoke to NBC News, the stated 55% figure is not new; it encompasses the 30% tariffs that Trump imposed this year, in addition to pre-existing duties of 25%.

This announcement followed two days of high-level negotiations in London aimed at reinstating a trade truce initially negotiated in Geneva the previous month. Trump’s message went beyond the comments made by Commerce Secretary Howard Lutnick, one of the lead negotiators in London.

Lutnick stated that a framework was established to implement the Geneva consensus, indicating a positive development in U.S.-China relations. He described it as a handshake agreement between the world’s two largest economies.

Later, Trump noted that he and President Xi plan to work closely to enhance American trade in China. However, after the negotiations, U.S. representatives did not reveal any significant changes pertaining to Chinese market access for American businesses, and no future meetings with Chinese officials were scheduled.

Both sides acknowledged agreement in principle but offered little in detail. The discussions took place following allegations from both nations accusing each other of violating an agreement made in early May, which had previously led to a reduction in tariffs by 115%.

This agreement also involved easing restrictions on the export of rare earth minerals, which are vital for various industries.