U.S. President Donald Trump announced Wednesday that the United States and China have reached a trade agreement under which Beijing will supply Washington with rare earth elements and magnetic materials, while the U.S. will ease entry for Chinese students into American universities.

Speaking at the White House, Trump said the deal is part of a broader effort to reduce trade tensions between the two nations. “We’ve reached a mutually beneficial understanding. China will provide the critical minerals we need for our technology industries, and in return, we will open our colleges and universities to more Chinese students,” he stated.

The agreement follows two days of high-level talks in London, where both sides developed a general trade framework that now awaits final approval from Trump and Chinese President Xi Jinping.

As part of the agreement, the U.S. will reduce tariffs on Chinese goods to 55%, while China will lower its tariffs on American imports to 10%.

In a post on social media, Trump wrote: “Our deal with China is ready and awaits final approval from President Xi and me. The relationship is excellent. Thank you for your attention to this matter.”