President Donald Trump and officials from China announced that they have agreed on a framework for a trade deal between the two major economic powers.

U.S. President Donald Trump took to his social media platform, Truth Social, on Wednesday to proclaim that a deal with China was “done,” pending final approval from himself and Chinese president Xi Jinping.

LONDON (AP) — President Donald Trump announced Wednesday that the United States will get magnets and rare earth minerals from China under a new trade deal and that tariffs on Chinese goods will go to 55%.

Beijing has gained time to build up its own strengths by drawing out negotiations with the United States, using its chokehold over critical minerals.

Bloomberg reporters unpack the latest round of high-stakes trade talks between the US and China, exploring why Beijing may still have the upper hand. They answer your questions on what's next in the "done" deal.

Shortly after President Donald Trump returned to the White House in January, he launched a tariff war against China, as part of a broader implementation of import taxes on goods from several dozen countries as Trump seeks to reset the foundations of global trade.

American and Chinese officials are meeting for a second day of trade talks in London to shore up a fragile truce over tariffs. Negotiations are expected to focus on Beijing's shipments of rare earths and Washington's restrictions on chip exports.