HONG KONG and LONDON -- A spokesperson for China's Ministry of Commerce on Thursday appeared to downplay what President Donald Trump said Wednesday was a "done" trade deal addressing export restrictions on rare earths and semiconductors.

Speaking at a press conference, the spokesperson characterized the outcome of this week's trade negotiations in London as a "framework" to consolidate what was agreed to at negotiations in Geneva, Switzerland, in May. This week's talks in the U.K. represented the "first meeting," the spokesperson said.

The spokesperson did not offer further details on what was agreed this week, telling reporters, "New progress was also made in addressing each side's trade concerns."

On rare earths, the spokesperson said China would issue export licenses based on "reasonable needs" and noted that "compliant applications have already been approved."

Trump on Wednesday framed the talks as having reached a deal.

"Our deal with China is done, subject to final approval with President Xi and me," Trump said on Truth Social, adding that the relationship between the world's two leading economic powerhouses was "excellent."

Trump said that the U.S. would get "a total of 55% tariffs" with China's tariffs set at 10%.

Trump added, "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 (which has always been good with me!)."

Secretary of Commerce Howard Lutnick referred to the agreement as a "handshake for a framework." Presidents Trump and Xi Jinping will now have to approve the framework, Lutnick said. That step would appear to mean there were some concessions that both leaders did not give their negotiating teams authority to negotiate away.

"Once that's done, we will be back on the phone together and we will begin to implement this agreement," Lutnick said. "The two largest economies in the world have reached a handshake for framework."

ABC News' Kevin Shalvey and Britt Clennett contributed to this report.