Trump says US gets rare earth minerals from China in trade deal, tariffs on Chinese goods go to 55%
Mainstream Content.
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 rise to 55%.
Almost 14% of goods sold in US are imports and almost 14% of those come from China, $438.9 billion. So depending on exactly how the trade deal is done the US will collect ~$242 billion dollars in revenue. On Federal Level American people pay around $5 Trillion to gov..
So for all the gnashing of teeth and all, what Trump has done will stop our trade problem with China from getting worse but in truth will not have a huge impact on our over-all economy.
U.S. imports in 1970 were 5.2% of GDP
Historically, the average for the USA from 1970 to 2022 is 12.01 percent. The minimum value, 5.2 percent, was reached in 1970 while the maximum of 17.44 percent was recorded in 2008.
