Trump explained in a post on Truth Social that the agreement stipulates that Washington will impose a 55% tariff on Chinese goods and Beijing will impose a 10% tariff on American goods.
Trump added that the agreement is subject to final approval by him and Chinese President Xi Jinping.
He pointed out that under the agreement, China will supply the United States with rare earth minerals, while Washington will allow Chinese students to enroll in its colleges and universities.
On April 2, Trump announced the imposition of additional tariffs on a number of US trading partners, most notably China, which responded with similar tariffs. This led to a tit-for-tat escalation, with US tariffs on China rising to 145% and Chinese tariffs on the US rising to 125%.
Against the backdrop of this escalation, representatives from the two countries met in Geneva on May 10 and 11. The talks resulted in an agreement to temporarily reduce mutual tariffs for 90 days, starting May 14. US tariffs on Chinese goods will be reduced to 30%, and Chinese tariffs on US goods will be reduced to 10%.
