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.

The US has reached a new trade agreement with China under which all Chinese imports will face a 55% tariff, while American exports to China will be subject to a reduced 10% tariff. This was the result of two days of talks between diplomats from the two nations in London.

LONDON (AP) — President Donald Trump announced Wednesday that the United States will get magnets and rare earth minerals from China under a new trade deal and that tariffs on Chinese goods will go to 55%.