The new framework deal is pending approval by President Donald Trump and Chinese President Xi Jinping|Dan Scavino

President Donald Trump announced Wednesday that the US will maintain high tariffs on Chinese goods under a new framework deal pending approval by him and President Xi Jinping.

He said the US would collect 55% in tariffs compared to China’s 10%, though officials later clarified that this includes the 30% increase added this year on top of the existing 25% duties.

Trump also said China agreed to supply rare-earth minerals and magnets “up front”—materials critical for batteries and electronics—although no specific terms were disclosed.

As part of the deal, China will reportedly impose a six-month limit on the eased rare-earth export licenses for US automakers and manufacturers, using it as leverage in ongoing trade talks. 

In exchange, the US agreed to ease some restrictions on jet engines, related parts, and ethane exports.

The temporary easing of rare-earth restrictions marked a key breakthrough during recent US-China negotiations in London, where both countries agreed in principle to revive a Geneva-based trade truce.

Commerce Secretary Howard Lutnick confirmed that US tariffs will likely stay unchanged despite Trump altering them three times since April.

However, officials announced no new US access to Chinese markets. The broader deal deadline is August, though it could be extended.