President Donald Trump says he has reached a deal with China that will ensure the US receives rare earth materials, keeps tariffs at a total of 55 percent, and allows American universities to keep accepting Chinese students. Trump announced the news of the agreement on Truth Social, which he says is still “subject to final approval” by himself and Chinese President Xi Jinping.

As noted by NBC News, the 55 percent figure isn’t new, and includes the 30 percent tariffs Trump introduced earlier this year, along with a pre-existing 25 percent tax. China will also implement a 10 percent tariff on US goods under the agreement.

The purported deal follows weeks of negotiations and economic uncertainty, with a constant back-and-forth between the US and China making tariffs difficult for businesses

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