US and China agree; tariffs on imports rise

The U.S. and China finalized a trade agreement Wednesday, imposing a 55% tax on Chinese imports, potentially raising costs for businesses and consumers. The deal, announced by the White House, also includes a 10% tax on U.S. goods entering China. The U.S. will receive magnets and rare earth minerals, while Chinese students can continue studying in America. Economists express concerns that the tariffs, though lower than initially proposed, could still increase prices, despite the White House's claims of lower costs.