08:47 AM EDT, 06/11/2025 (MT Newswires) -- US President Donald Trump said Wednesday that the trade deal with China is "done," subject to his and Chinese President Xi Jinping's approval.

"Full magnets, and any necessary rare earths, will be supplied, up front, by China," the president said in a Truth Social post, following the end of two days of talks between Chinese and US officials in London.

"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 said.

The president also said that the US will receive 55% tariffs, while China will get 10%.