Trump’s comments on Wednesday come a day after the US and China reached an agreement in London on implementing the terms of their tariff truce.
His remarks, however, included terms negotiators did not lay out, such as the immediate supply of critical minerals by China. He also said the US tariff rate would be a “total” of 55% — though the precise rate was not clear.
That figure includes a 10% baseline duty, a 20% charge tied to fentanyl trafficking and roughly 25% from preexisting levies from Trump’s first term as well as most favored nation rates, according to a White House official.
Markets reacted with uncertainty to the president’s post. US futures briefly erased losses before moving lower again.
See also: Is Trump a BRICS secret agent?
“FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA,” Trump said in his post. “LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!”
China’s Ministry of Commerce did not immediately respond to requests for comment.
American and Chinese officials concluded marathon negotiations on Tuesday, agreeing to revive the flow of sensitive goods, such as critical minerals, and implement the terms of last month’s deal in Geneva, which saw both sides lower tariffs.
That deal included a 90-day pause on very high tariffs both nations implemented on each others’ imports that amounted to a de facto trade embargo. It’s unclear whether that deadline, which expires in August, remains in effect.
