US President Donald Trump on Wednesday said the country's relationship with China is "excellent", as the world's two major economic powers reached a deal to pause their tariff war.
In a post on his Truth Social platform, Mr Trump said China will supply the US with magnet and other rare earth minerals while the US will allow Chinese students to attend American universities.
"Our deal with China is done. Subject to final approval with President Xi [Jinping] and me," Mr Trump wrote. The US leader added that he and Mr Xi "will work closely together to open up China to American trade".
Mr Trump also said the US would place a 55 per cent tariff on Chinese goods, while Beijing will charge a 10 per cent levy on American goods. Those are the same tariff rates as agreed to in Geneva.
US Treasury Scott Bessent, returning to Washington from London, told legislators the truce would stabilise the countries' economic relationship and "make it more balanced".
Officials from the US and Beijing said on Tuesday night they had agreed to a framework deal after two days of high-level talks in London.
"This is progress – not just atmospherics – and it reflects meaningful give on both sides," US Commerce Secretary Howard Lutnick said.
Chinese Vice Premier He Lifeng said the US and China should maintain communication, and promote growth of economic and trade relations, state media reported.
The US and China last month agreed to scale back the harsh tariffs imposed on each other, which had threatened to slow down world economic growth.
