• Trump announces a trade agreement with China, pending approval by both presidents.
• The U.S. will impose a 55% tariff on Chinese goods, while China will apply a 10% tariff on U.S. imports.
• China will supply rare earth minerals and magnets to the U.S., facilitating broader trade.
• The deal allows Chinese students to attend U.S. colleges, reversing prior restrictions.

President Donald Trump declared on June 11 that a trade deal with China "is done," pending final approval from both him and President Xi Jinping. The agreement outlines that the U.S. will implement a substantial 55% tariff on Chinese goods, while China will impose a 10% tariff on U.S. products. Trump emphasized the positive nature of the relationship, stating, "Relationship is excellent!" according to Channel News Asia, The Hill, Reuters, and India Times.

In return for these tariffs, China will supply the U.S. with "full magnets, and any necessary rare earths," which are essential for high-tech industries. This component of the deal aims to alleviate supply chain issues faced by the U.S. in recent months. A White House official corroborated that under this agreement, the U.S. retains the authority to enforce the significant tariffs alongside concerns related to fentanyl trafficking, which will incur additional charges, according to Channel News Asia, The Hill, Reuters, and India Times.

Additionally, the agreement permits Chinese students to continue enrolling in U.S. colleges and universities, reversing previous policies that had curtailed such admissions. Trump publicly stated that this educational exchange has been "good" and emphasized its importance in the context of U.S.-China relations. This initiative signals a potential thawing of earlier restrictions that affected the presence of Chinese nationals in American educational institutions, according to Channel News Asia, The Hill, and Reuters.