President Donald Trump announced on Wednesday that the US finalised a deal with China. Under this agreement, China committed to supply magnets and rare earth minerals. The US agreed to allow Chinese students to attend American colleges and universities in return.

Trump posted on Truth Social, “WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!”

Trump said that the agreement would need final approval from both him and Chinese President Xi Jinping.

He added, “FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!)”

US and Chinese officials said on Tuesday that they agreed on a framework to restart the trade truce. They confirmed that China would remove its export restrictions on rare earths. However, they gave little indication of solving long-standing trade tensions.

After two days of negotiations in London, US Commerce Secretary Howard Lutnick told reporters that the framework deal put “meat on the bones” of the agreement made last month in Geneva. That agreement aimed to ease retaliatory tariffs between the two countries, which had reached crushing triple-digit levels.

The Geneva agreement had stalled after China imposed curbs on exports of critical minerals. In response, the Trump administration introduced its own export controls. These controls blocked shipments of semiconductor design software, aircraft, and other products to China.

Trump’s tariff policies disrupted global markets. They caused congestion and confusion in major ports. They also cost companies tens of billions of dollars in lost sales and higher costs.