“Full magnets and any necessary rare earths will be supplied, up front, by China. Likewise, we will provide China what was agreed to, including Chinese students using our colleges and universities, which has always been good with me,” he said on Truth Social.

Trump also said the US will get "a total of 55% tariffs" on Chinese goods, which includes his 10% “Liberation Day” tariff, 20% on fentanyl-related trade, and an additional 25% from pre-existing tariffs. China will impose a 10% tariff on US products.

On Wednesday, American and Chinese negotiators agreed “in principle” to a framework on how to implement the consensus reached by the previous round of talks in Geneva last month and a phone call between the two countries’ leaders last week.

The agreement will be submitted to Trump and Xi for approval before implementation, but could be an important step towards easing trade tensions and preventing more tariffs between the world’s two largest economies.