Shortly after President Donald Trump returned to the White House in January, he launched a tariff war against China, as part of a broader implementation of import taxes on goods from several dozen countries as Trump seeks to reset the foundations of global trade.

A tentative agreement between the White House House and Beijing would, among other things, restore US access to valuable materials from China.

Trump announced that the U.S. would charge a 55% tariff on Chinese goods, while Beijing would impose a 10% tariff on U.S. goods. He also proclaimed that China will continue to export magnets and rare earth materials, while the U.S. would allow Chinese students to continue studying the U.S.