US President Donald Trump says rare earths deal 'done' with China

The world's two biggest economies have agreed in principle a framework for de-escalating trade tensions.

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He said China had agreed to supply US companies with magnets and rare earth metals, while the US would walk back its threats to revoke visas of Chinese students.

"Our deal with China is done, subject to final approval from President Xi and me," Trump wrote on his media platform Truth Social.

It followed two days of intense talks in London to resolve conflicts that had emerged since the two sides agreed a truce in May, after a rapid escalation of tariffs had nearly paralysed trade between the world's two largest economies.

But the limited nature of the announcement underscored questions the White House is facing about whether its tariff strategy can quickly yield solid trade deals.