The United States and China have reached a tentative trade agreement following negotiations in London.

Under the framework, China will resume exports of rare earth minerals to the U.S., while the U.S. will maintain a cumulative 55% tariff on Chinese goods, encompassing previously imposed tariffs.

In return, China will reduce its tariffs on U.S. goods to 10%.

The agreement also allows Chinese students continued access to American educational institutions.

While the framework builds on the Geneva consensus reached earlier, it still requires final approval from both President Donald Trump and President Xi Jinping.