Overview

• The new deal imposes a 55% US tariff on Chinese imports and a 10% Chinese tariff on American goods.
• Trump said extending the July 8 pause on reciprocal tariffs may not be necessary in light of the China agreement.
• Scott Bessent told a House committee that countries negotiating in good faith could see the tariff deadline rolled forward.
• The administration plans to send letters within two weeks to more than 150 trading partners detailing final terms and take-it-or-leave-it offers.
• The China agreement also secures China’s supply of magnets and rare earth materials and preserves student exchange arrangements.