President Trump said Wednesday his administration had reached a tentative agreement on a trade truce with China following talks between the two sides in London.

As part of the agreement, which Trump said was pending his approval and the approval of Chinese President Xi Jinping, China will supply “full magnets, and any necessary rare earths,” Trump said on Truth Social.

Trump indicated the U.S. would impose 55 percent tariffs on Chinese goods, while China would impose a 10 percent tariff on U.S. products.

“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 relationship between the two sides as “excellent.”

The announcement comes after top Trump economic officials met in London with their Chinese counterparts. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer represented the Trump administration.

Tariff negotiations between the two sides had stalled in recent weeks after officials hashed out an initial agreement last month for the U.S. to lower its tariff rate on imports from China from 145 percent to 30 percent. Beijing also lowered its rate on U.S. goods from 125 percent to 10 percent.

But Trump earlier this month railed against China, saying Beijing violated the trade agreement with the U.S. that lowered the tariff rate, though he did not offer specifics.

Trump held a call last week with Xi, with the two exclusively discussing trade as they sought to get negotiations back on track.

The Trump administration had imposed heavy tariffs on China earlier this year as part of a wave of duties on imports from other countries. Trump had announced a 20 percent tariff on Chinese goods over the flow of fentanyl into the U.S., as well as a higher "reciprocal" tariff rate on Beijing.

Trump on April 2 had announced "reciprocal" tariffs on dozens of other countries based on trade imbalances, though a week later he granted a 90-day reprieve and lowered the tariff rate to 10 percent on all imports.

That reprieve is set to end on July 8, and so far the U.S. has only announced a trade agreement with the United Kingdom. Trump has indicated he will set new tariff rates on other nations if no additional agreements are reached.