The deal also removes Chinese export restrictions on rare earth minerals and allows Chinese students access to US universities.
Trump took to his social media platform to offer some of the first details to emerge from two days of marathon talks held in London that had, in the words of US Commerce Secretary Howard Lutnick, put "meat on the bones" of an agreement reached last month in Geneva to ease bilateral retaliatory tariffs that had reached crushing triple-digit levels.
"Our deal with China is done, subject to final approval with President Xi (Jinping) and me," Trump said on the Truth Social platform.
"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 per cent tariffs, China is getting 10 per cent."
A White House official said the 55 per cent represents the sum of a baseline 10 per cent "reciprocal" tariff Trump has imposed on goods imported from nearly all US trading partners; 20 per cent on all Chinese imports because of punitive measures Trump has imposed on China, Mexico and Canada associated with his accusation that the three facilitate the flow of the opioid fentanyl into the US; and finally pre-existing 25 per cent levies on imports from China that were put in place during Trump's first term in the White House.
Lutnick said the 55 per cent rate for Chinese imports is now fixed and unalterable.
Asked on Wednesday on CNBC if the tariff levels on China would not change, he said: "You can definitely say that."
Still, many specifics of the deal and details for how it would be implemented remain unclear.
Officials from the two superpowers had gathered at a rushed meeting in London starting on Monday following a call last week between Trump and Chinese leader Xi that broke a stand-off that had developed just weeks after a preliminary deal reached in Geneva that had defused their trade row.
The Geneva deal had faltered over China's continued curbs on critical minerals exports, prompting the Trump administration to respond with export controls preventing shipments of semiconductor design software, aircraft and other goods to China.
Lutnick said the agreement reached in London would remove restrictions on Chinese exports of rare earth minerals and magnets and some of the recent US export restrictions "in a balanced way" but did not provide details after the talks concluded around midnight London time.
"We have reached a framework to implement the Geneva consensus and the call between the two presidents," Lutnick said, adding that both sides will now return to present the framework to their respective presidents for approvals.
"And if that is approved, we will then implement the framework," he said.
In a separate briefing, China's Vice Commerce Minister Li Chenggang also said a trade framework had been reached in principle that would be taken back to US and Chinese leaders.
