While Donald Trump's wide-ranging taxes on imports face scrutiny in court, he has touted a new "deal" with China that will see tariffs against the country remain at historic levels. Here's what it will mean for you.

Billions of dollars of Chinese goods have been impacted by additional U.S. tariffs since 2018, initially under the first Donald Trump presidency and later under the Biden administration. Returning to the White House this year,

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.