US President Donald Trump on Wednesday announced a trade agreement with China under which Beijing will supply rare earths to the United States upfront, and in exchange, his administration will permit visas for Chinese students.

In a Truth Social post, Trump announced that Beijing will supply the United States with "full magnets and all necessary rare earth materials."

In exchange for this, the US will let Chinese students study at American colleges and universities.

“Our deal with China is done, subject to final approval with President Xi and me. 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% tariffs, China is getting 10%. Relationship is excellent! Thank you for your attention to this matter!” Trump wrote on Truth Social.

It was due to rare earths that trade relations between the US and China hit an all-time low in May, with both countries engaging in a tariff war.

Earlier in the day, China's vice premier said that Beijing was ready to "strengthen cooperation" with Washington.

US and Chinese officials on Tuesday said they agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths.

US Commerce Secretary Howard Lutnick had also told reporters that the framework deal puts "meat on the bones" of an agreement that was reached last month in Geneva to ease bilateral retaliatory tariffs that had reached triple digits.