The deal removes Chinese export restrictions on rare earths minerals and allows Chinese students access to U.S. universities.

President Donald Trump and officials from China announced that they have agreed on a framework for a trade deal between the two major economic powers.

While Donald Trump's wide-ranging taxes on imports face scrutiny in court, he has touted a new "deal" with China that will see tariffs against the country remain at historic levels. Here's what it will mean for you.