<ul data-eligibleForWebStory="true"><li>Donald Trump has endorsed the US-China trade deal in London, increasing tariffs on China to 55%.</li><li>The deal includes ramping up supplies of rare earth minerals and magnets crucial for the automotive industry.</li><li>China has agreed to ease restrictions on rare earth exports for six months.</li><li>The 55% tariff rate reflects various tariffs imposed by Trump, including a 10% baseline and a 20% fentanyl levy.</li><li>The agreement is pending final approval from Xi Jinping.</li><li>The deal aims to address US-China trade differences by facilitating rare earth imports for US industries.</li><li>The agreement also includes provisions for Chinese students to access US colleges.</li><li>The US and China reached a framework to ease retaliatory tariffs.</li><li>Details of the agreement were not immediately disclosed.</li><li>The deal comes amidst rising US inflation rates, which stood at 2.4% in May.</li></ul>

Trump says China will face 55% tariffs as he endorses trade deal

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