President Donald Trump says the United States has reached a deal with China as both sides wrapped up their trade talks in London.
In exchange, the United States will allow Chinese students to use its colleges and universities, which Trump says "has always been good with me."
"We are getting a total of 55% tariffs, China is getting 10%. Relationship is excellent!" the president wrote in all caps.
The deal will be subject to final approval by Trump and Chinese leader Xi Jinping.
U.S. stocks were little changed in pre-market trading after the president's social media announcement.
China is the world's largest producer of rare earths, accounting for approximately 60 percent of the global supply and processing around 90 percent.
In recent years, U.S. officials have expressed concern about Beijing's grip on the international supply chain for critical minerals.
Effective April 4, China had suspended nearly all exports of a diverse array of critical minerals and magnets, triggering supply chain snafus.
Rare earth elements are crucial for industry and technological advancements, from manufacturing smartphones to building electric vehicles.
The Trump administration has pursued strategic alternatives to mitigate China's stranglehold on critical minerals.
In addition to taking steps to bolster domestic production, the White House also established a security agreement with Ukraine to access its vast resources.
Trump and White House officials recently accused China of slow-rolling its compliance with the May 12 trade agreement reached in Geneva. This prompted a phone call between Trump and Xi, leading to Treasury Secretary Scott Bessent and others to visit London and meet with Chinese officials.
Earlier this year, the president imposed 20 percent levies on China as part of efforts to crack down on the flow of fentanyl entering the United States. At one point, the United States implemented a 145 percent tariff on most Chinese imports.
Trade Deal Deadline
A week after the April 2 reciprocal tariffs announcement, Trump authorized a 90-day pause to allow countries to negotiate with U.S. trade officials.So far, the United States has only announced a preliminary trade agreement with the United Kingdom. Administration officials have insisted for weeks that a flurry of trade deals will soon be unveiled.
"There are many, many deals coming. And there were three that basically look like they're done," Hassett said.
White House press secretary Karoline Leavitt, meanwhile, also confirmed to reporters last week that the Office of the Trade Representative had sent letters to countries, asking them to provide their best proposals in the coming days.
“I can confirm the merits and the content of the letter. USTR sent this letter to all of our trading partners just to give them a friendly reminder that the deadline is coming up," Leavitt said.