Trump says China deal includes magnets, student visas

Catch up quick: The U.S. and China held two days of talks in Geneva in mid-May and struck a deal that lowered tariffs for 90 days. That deal also included China loosening export controls on rare earths, a market they dominate.

• That deal all but fell apart quickly, prompting a series of escalations that included the U.S. moving to revoke Chinese students' visas.
• Ultimately, Trump and China's Xi Jinping held a call last week, which prompted a new round of talks in London this week.
• Late Tuesday night, both sides said they'd agreed to a framework to actually implement what was originally agreed in Geneva, pending final approval from both Trump and Xi.

The intrigue: Trump, in a Truth Social post Wednesday morning, said the U.S. would have 55% tariffs on China, while China would have 10% tariffs on the United States.

• That 55% figure represents the 10% global baseline tariffs Trump implemented in April, plus the extra 20% tariff he put on China earlier this year over fentanyl exports, plus the long-standing 25% tariffs on the country under Section 301 trade rules.

What they're saying: "RELATIONSHIP IS EXCELLENT!" Trump posted on Truth Social.

Editor's note: This is a developing story. Please check back for updates.