The U.S. and China are close to finalizing a trade deal following negotiations in London, as announced by President Trump, although it still requires approval from both him and President Xi Jinping. The proposed agreement entails the U.S. imposing 55% tariffs on Chinese imports while China would maintain a 10% duty. Additionally, China will make concessions on exporting magnets and rare earths, while the U.S. plans to retract visa revocation threats for Chinese students. Both countries will update their leaders before moving forward, but no timeline for approval has been provided.

Source: https://www.supplychaindive.com/news/us-china-trade-deal-done-tariffs-trump/750431/