Hello, I’m your host, and here’s the latest in U.S.-China trade. President Donald Trump has announced on Truth Social that the long-running trade war is over, thanks to a new deal ensuring Americans get reliable access to rare earth materials, maintaining U.S. tariffs at 55 percent total and even allowing American universities to continue accepting Chinese students. Trump stressed that the agreement is “still subject to final approval” by himself and Chinese President Xi Jinping. Of that 55 percent total, 30 percent comes from his new duties and 25 percent is a pre-existing tax. In return, China will impose a 10 percent tariff on U.S. goods. Both sides agreed to pause any further increases back in May, amid weeks of back-and-forth levies causing headaches for businesses and consumers worldwide. As U.S. Commerce Secretary Howard Lutnick put it, “We have reached a framework to implement the Geneva consensus and the call between the two presidents.” That’s all for today—thanks for listening.
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