Here’s how the 55% U.S. tariffs on China are broken down

[cng]

Here’s how the 55% U.S. tariffs on China are broken down

President Donald Trump is touting a trade deal with China, but U.S. tariffs on the country will remain — even as Trump says the relationship between Washington and Beijing is “excellent.”

How much? Trump, in a post on Truth Social, said the U.S. is “getting a total of 55% tariffs.” A White House official told MarketWatch that there are no new tariffs at the moment, and that the number includes 20% tariffs on fentanyl, a 10% “reciprocal” tariff and then an average level of 25% for tariffs that were already in place before this year.

U.S. stocks were higher Wednesday after softer-than-expected May inflation data sent Treasury yields lower.

Trump said in his post that the U.S. would get magnets and rare-earth minerals from China and that the U.S. would give China “what was agreed to,” including allowing Chinese students to attend American universities.

The president announced a 34% tariff on China on April 2 as part of what he billed as “liberation day,” a sweeping program of duties on U.S. trading partners. That made for a total Trump 2.0 duty of 54% for China.

A week later, Trump increased the total U.S. tariff on China to 145%. But after subsequent trade talks in Switzerland, the tariff on China was cut to 30% for 90 days.

Commerce Secretary Howard Lutnick told CNBC on Wednesday that U.S. tariff levels on Chinese imports will not change from their current levels, though a Wall Street Journal report suggested there could be further trade tensions in six months, if not sooner.

China is putting a six-month limit on rare-earth export licenses for U.S. automakers and manufacturers, giving Beijing leverage if trade tensions flare up again, per the Journal report, which cited unnamed sources.

American access to China’s rare-earth metals which are key for electric vehicles and other high-tech products, has