President Donald Trump on Wednesday announced that negotiating teams had completed a planned trade deal with China and that it remained subject only to his final approval and that of Chinese President Xi Jinping.

"Our deal with China is done, subject to final approval with President  Xi and me," Trump posted on Truth Social. "Full magnets, and any necessary rare earths, will be supplied, up front, by China. Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!)."

"We are getting a total of 55% tariffs, China is getting 10%. Relationship is excellent!" he added.