President Trump has just announced a new trade deal with China, that only needs final approval from both Trump and President Xi.

Here’s what he wrote:

OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. 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!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!

He added shortly ago:

Adding to the China readout, President XI and I are going to work closely together to open up China to American Trade. This would be a great WIN for both countries!!!

Here’s more from NBC News:

The U.S. will keep high tariffs on Chinese goods, President Donald Trump said Wednesday morning, touting a preliminary trade agreement that he and his Chinese counterpart, Xi Jinping, will need to approve.

China will supply rare earth minerals and magnets “up front,” Trump said in a post on his Truth Social platform, although he didn’t clarify the exact terms. Trump also said “we are getting a total of 55% of tariffs, China is getting 10%” without explaining further.

A White House official told NBC News that the 55% figure isn’t new, as it reflects the 30% tariffs Trump has implemented this year in addition to pre-existing duties totaling 25%.

Chinese officials, likewise, said the two sides agreed in principle on a consensus regarding the Geneva agreement but did not provide any specific details.

The talks in London occurred after the U.S. and China accused each other of breaching a pact reached in early May, which led to both countries lowering tariffs by 115%. Part of that agreement was easing export restrictions on rare earth minerals and metals that are critical for everyday products such as batteries and automobile production.

Guess we’ll have to wait on the details…