On his Truth Social platform, Trump told the world: "Our deal with China is done, subject to final approval with President Xi and me."
The US and China have reached a tentative agreement aimed at easing trade tensions, following two days of high-level talks in London.
President Donald Trump announced that the deal is effectively done, pending final sign-off from both himself and Chinese President Xi Jinping.
Under the agreement, China would resume full exports of rare earth minerals, vital components in technologies like smartphones and electric vehicles, while the US would restore access for Chinese students to American universities.
US Commerce Secretary Howard Lutnick confirmed the framework addresses export restrictions on rare earths and magnets, which the US claims China has been slow to release.
In return, Washington has pledged to honour previously agreed terms, despite earlier accusations from both sides of breaching a temporary tariff truce.
Trump said in his post: "We are getting a total of 55% tariffs, China is getting 10%. Relationship is excellent!"
The White House clarified that this means the US is keeping a 10% baseline tariff, plus a 20% fentanyl tariff on China, with Trump to hold the extra China tariffs at 30%, totalling 55%.
The deal follows a positive call between the two leaders and builds on the consensus reached in Geneva earlier this year.
Officials on both sides described the mood as constructive.