The president said he and his Chinese counterpart, Xi Jinping, still need to sign off on a preliminary deal, even though he called it "done."

President Donald Trump said on Wednesday the U.S. deal with China is done, with Beijing to supply magnets and rare earth minerals while the U.S. will allow Chinese students in its colleges and universities.

Treasury Secretary Scott Bessent speaks to the House Ways and Means Committee after the president announced a trade deal with China.

Control over the critical minerals has given Beijing a powerful tool in its trade fight with Washington.

How much? Trump, in a post on Truth Social, said the U.S. is “getting a total of 55% tariffs.” A White House official told MarketWatch that there are no new tariffs at the moment, and that the number includes 20% tariffs on fentanyl, a 10% “reciprocal” tariff and then a combined 25% for tariffs that were already in place.

US Commerce Secretary Howard Lutnick said the deal should result in restrictions on rare earth minerals and magnets being resolved. Both sides said they would now take the plan to their presidents - Donald Trump and Xi Jinping - for approval.

China is three to six months behind the United States in artificial intelligence, White house AI and crypto czar David Sacks said Tuesday at an event in Washington, warning that excess U.S. AI regulation could damage American innovation in the industry.

A federal appeals court ruled Trump can continue to collect tariffs while businesses and states try to overturn taxes on foreign imports.