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President Donald Trump announced on social media Wednesday that a U.S.-China trade deal is "done." The agreement still needs final approval, but the president emphasized that the U.S.' relationship with China remains "excellent." The White House offered limited details on how the deal would impact prices and the economy, which includes a 55% tax on Chinese imports, while China imposes a 10% tax on U.S. goods. The U.S. will also receive magnets and rare earth minerals, such as titanium and lithium, from China, while international students from China will be able to continue their studies at American universities and colleges. The White House has long argued that the tariffs will help American businesses compete with China, boosting domestic production and lowering costs. But some economists are concerned that the taxes in the deal are still too high, raising costs for businesses that are then passed on to consumers. "American firms buy so much from abroad that a trade war, especially with basically every country in the world, is the wrong idea," Clark Packard from the Cato Institute said. "If your goal is to jumpstart manufacturing and production, the U.S. is in the wrong direction." While the taxes in the new deal are better than the president's original triple-digit tariffs on China, experts expect the agreement to raise costs rather than reduce them.Meanwhile, the White House is touting lower prices, with May's inflation report showing lower month-to-month prices for certain household staples. But inflation is still well above where economists want it to be, with year-over-year numbers sitting at 2.4%.President Trump mentioned efforts with Chinese President Xi Jinping to open China to American trade, describing it as a "great win" for both countries.