LONDON (AP) — President Donald Trump announced Wednesday that the United States will get magnets and rare earth minerals from China under a new trade deal and that tariffs on Chinese goods will go to 55%.

In an agreement struck in May, the U.S. agreed to drop the 145% tax to 30% and China agreed to lower its tariff rate on U.S. goods to 10% from 125%. The new agreement that Trump announced Wednesday includes a higher tariff than what was agreed to in Geneva.

President Donald Trump has come up short on striking trade deals with most nations with just one month left before his self-imposed tariff deadline, even as he took his first steps in weeks toward engaging with China.

Amid rising tariffs, the US will receive magnets and rare earth minerals from China, as announced by President Trump. This development occurs amidst s

China's dominance over the rare earths sector gives it enormous leverage in the U.S.-China trade war. It didn't achieve that dominance by accident. The post China Is Counting On Its Rare Earths Dominance to Make Trump Blink appeared first on World Politics Review.

Asian shares are mostly higher as investors keep an eye on China-U.S. trade talks that might help stave off a recession