President Donald Trump told reporters on Wednesday that he would send letters to trading partners in the next week or two setting unilateral tariff rates. “At a certain point, we’re just going to send letters out.

Trump has stated that a trade deal with China is “done, subject to final approval with President Xi and me.” Chinese imports would receive 55% tariffs, while China would get 10%, according to Trump. He added that the United States would also receive “any necessary rare earths” upfront from China as part of the deal framework.