President Trump mentioned Wednesday his administration had reached a tentative settlement on a commerce truce with China following talks between the 2 sides in London.

As a part of the settlement, which Trump mentioned was pending his approval and the approval of Chinese language President Xi Jinping, China will provide “full magnets, and any necessary rare earths,” Trump mentioned on Reality Social.

Trump indicated the U.S. would impose 55 % tariffs on Chinese language items, whereas China would impose a ten % tariff on U.S. merchandise.

“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!),” Trump posted, describing the connection between the 2 sides as “excellent.”

The announcement comes after prime Trump financial officers met in London with their Chinese language counterparts. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Commerce Consultant Jamieson Greer represented the Trump administration.

Tariff negotiations between the 2 sides had stalled in current weeks after officers hashed out an preliminary settlement final month for the U.S. to decrease its tariff fee on imports from China from 145 % to 30 %. Beijing additionally lowered its fee on U.S. items from 125 % to 10 %.

However Trump earlier this month railed towards China, saying Beijing violated the commerce settlement with the U.S. that lowered the tariff fee, although he didn’t provide specifics.

Trump held a name final week with Xi, with the 2 completely discussing commerce as they sought to get negotiations again on monitor.

The Trump administration had imposed heavy tariffs on China earlier this 12 months as a part of a wave of duties on imports from different international locations. Trump had introduced a 20 % tariff on Chinese language items over the stream of fentanyl into the U.S., in addition to the next “reciprocal” tariff fee on Beijing.

Trump on April 2 had introduced “reciprocal” tariffs on dozens of different international locations primarily based on commerce imbalances, although per week later he granted a 90-day reprieve and lowered the tariff fee to 10 % on all imports.

That reprieve is ready to finish on July 8, and thus far the U.S. has solely introduced a commerce settlement with the UK. Trump has indicated he’ll set new tariff charges on different nations if no further agreements are reached.