President Trump wrote on social media that a trade deal with China is "done."
This comes after the U.S. and China announced after two days of high-level talks in London this week that they are returning to a trade framework they reached last month in Geneva, Switzerland.
China says its talks with the U.S. were "reasonable" and "frank."
"China reiterates that the two sides should act in the same direction, keep their promises and fulfill their actions, show the spirit of integrity in abiding by their commitments and the efforts to implement the consensus," China's state news agency Xinhua wrote after the London talks.
Trump said Wednesday that base American tariffs on Chinese goods will increase to 55% and Chinese tariffs on American goods will be set at 10%. Until a trade truce last month, cumulative customs levies the two countries imposed on each other reached as high as 245%.
Trump wrote on Truth Social that as part of the newly agreed trade framework, China would supply rare earth minerals it has a monopoly in producing "up front." Rare earths had been a key sticking point and China had cut off much of its exports to the U.S. and Europe.
Trump also appeared to reverse an earlier announcement from Secretary of State Marco Rubio that Washington would start revoking visas for Chinese students who had a connection to the Chinese Communist Party or studied in what it called "critical fields."
"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 wrote on Truth Social.
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