Washington: A trade deal between Washington and Beijing has been finalized, pending final approval from the presidents of the two countries, US President Donald Trump announced on Wednesday. The announcement marks a significant development in the ongoing trade negotiations between the two economic powerhouses.

According to Anadolu Agency, President Trump detailed the terms of the agreement via a post on Truth Social, stating that the United States will impose a total of 55% tariffs, while China will be subject to 10% tariffs. He also highlighted that China has committed to supplying full magnets and any necessary rare earths upfront. In return, the US will accommodate Chinese students in American colleges and universities, which Trump noted as a positive aspect of the agreement.

Trump emphasized the strong relationship between the two countries, stating, "Relationship is excellent!" He further mentioned that he and Chinese President Xi Jinping plan to collaborate closely to enhance American trade access to China. Trump expressed optimism about the benefits of the agreement, calling it a "great WIN for both countries."

The trade discussions took place in London earlier this week, where US and Chinese officials convened to address tariff issues. This follows a series of tariffs initiated by the US in April and a subsequent agreement in May to reduce punitive tariffs for an initial period of 90 days.