President Trump on Wednesday announced that China has agreed to new terms laid out in an emerging trade agreement, marking a significant development in the ongoing negotiations between the two global economic powers.

The president described the relationship between America and China as “excellent” and shared details of the new agreement in a post on Truth Social. “Our deal with China is done,” Mr. Trump wrote, though he said it must still be approved by China’s president, Xi Jinping. “We are getting a total of 55% tariff on Chinese imports while China is getting 10%.”

He also noted that China would supply magnets and “any necessary rare earths upfront.” In return, Washington plans to make concessions such as allowing Chinese students to attend American colleges and universities, which the president said “was always good with me!”

Mr. Trump emphasized his commitment to working closely with Mr. Xi to enhance trade opportunities between the two nations, calling the potential outcome “a great win for both countries.”

The announcement follows two days of high-level trade talks held in London. Representatives from both nations confirmed progress on Tuesday, disclosing that a deal had been reached. “We have reached a framework to implement the Geneva consensus and the call between the two presidents,” the American commerce secretary, Howard Lutnick, told reporters.

Similar sentiments were expressed by China’s international trade representative and vice minister at the commerce ministry, Li Chenggang. Rare earth elements, widely used in the automotive and defense industries, had been a central point of contention during the negotiations.

The talks come after months of tension, exacerbated by China’s decision in April to impose export restrictions on critical minerals. The restrictions had been a response to Mr. Trump’s increased tariffs on Chinese products. The trade standoff disrupted global markets and supply chains, leaving investors concerned about long-term economic impacts.

Rare earth elements have been a particularly sensitive issue, given China’s dominance in the supply chain. The country produces approximately 60 percent of the world’s rare earth supply and processes nearly 90 percent, often importing raw materials from other nations for refinement. American officials have previously voiced concerns about China’s monopoly on these critical minerals, which are vital for technological advancements and the transition to renewable energy sources.

Despite previous disputes and accusations of reneging on earlier agreements, hopes for progress had been rekindled after a phone call between Messrs. Trump and Xi last week.

The Treasury secretary, Scott Bessent, testifying before the House of Representatives Ways and Means Committee on Wednesday after returning from the London meetings, said China has a “singular opportunity” to stabilize its economy by ending overproduction for exports and moving toward greater domestic consumption.

“But the country needs to be a reliable partner in trade negotiations,” Mr. Bessent said. “If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva last month, then a big, beautiful rebalancing of the world’s two largest economies is possible.”