The two sides have agreed on tariffs as well as rare earths and other trade, according to the US president

Washington has finalized a long-sought trade deal with Beijing, US President Donald Trump announced on social media on Wednesday. The agreement is still awaiting his final approval and that of Chinese President Xi Jinping, he added.

Tensions between the world's two largest economies escalated in April, when Trump imposed broad new tariffs targeting over 90 countries, including China, citing trade imbalances. Beijing retaliated, triggering a standoff that pushed tariffs up to 145% by the US and 125% by China. Following breakthrough negotiations in Geneva last month, both sides agreed to temporarily suspend most new tariffs, pending further talks. However, each side has since accused the other of violating the Geneva terms and stalling talks on key issues, such as export controls.

"Our deal with China is done, subject to final approval with President Xi and me," Trump wrote on Truth Social on Wednesday. The full details remain unclear, although the US leader outlined some key points.

"We are getting a total of 55% tariffs, China is getting 10%. Relationship is excellent!" Trump wrote. "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."

Neither the White House nor Chinese authorities have commented on Trump's announcement. Commenting on Wednesday after two days of talks in London, US Commerce Secretary Howard Lutnick told reporters a framework deal had been reached, calling it "meat on the bones" of the Geneva agreement. He cited China agreeing to lift restrictions on rare earth exports and Washington easing certain export bans "in a balanced way," but offered no further details.

China's vice commerce minister, Li Chenggang, also confirmed a trade framework had been reached "in principle" pending approval from both leaders. The new round of talks followed a phone call between Trump and Xi last week, which the US president described as "very good."

Chinese exports of rare earth minerals and magnets, critical for modern technology, were high on the London talks agenda. The US had previously criticized Beijing for delaying the removal of export controls on the resources, essential for manufacturing products such as smartphones and electric vehicles. Meanwhile, Washington limited China's access to US semiconductors and other technologies linked to artificial intelligence. It remains unclear if the restrictions will be lifted under the new deal.

READ MORE: China hits back against US coercion

The two sides face an August 10 deadline to finalize a broader trade deal or possibly see tariffs return to the triple-digit levels imposed in April.

(RT.com)