Washington DC - President Donald Trump confirmed the US had reached a wide-ranging agreement with China after two days of talks aimed at preserving a truce in the damaging trade war he launched.

Trump claimed on Truth Social platform that China would supply rare earth minerals and magnets while Washington would allow Chinese students to remain in US universities, reversing his administration's previous policy.

His post came hours after top US and Chinese negotiators announced a "framework" agreement late Tuesday following two days of marathon talks in London.

"Our deal with China is done," Trump wrote, adding that the agreement was still "subject to final approval with President Xi (Jinping) and me."

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"President XI and I are going to work closely together to open up China to American Trade," he said in a second post. "This would be a great WIN for both countries!!!"

In a Chinese state media readout of the talks released Wednesday, Vice Premier He Lifeng, who headed Beijing's team in London, stressed the need for the two sides to strengthen cooperation in future dialogue.

"As a next step, the two sides should... continuously enhance consensus, reduce misunderstandings and strengthen cooperation," He Lifeng said, according to state broadcaster CCTV.

Speaking to reporters in London, China International Trade Representative Li Chenggang said: "Our communication has been very professional, rational, in-depth and candid."

The two sides had agreed to reduce their tit-for-tat, triple-digit tariffs during talks in Geneva last month, but cracks appeared in the truce after Trump accused China of violating the deal.

Washington was concerned at slower supplies of rare earths after Beijing in early April began requiring domestic exporters to apply for a license – widely seen as a response to US tariffs.

Rare earths are used in everything from electric vehicles to hard drives, wind turbines, and missiles.

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In his Truth Social post, Trump said China will supply "full magnets, and any necessary rare earths... up front."

In return, the US would "provide to China what was agreed to, including Chinese students using our colleges and universities."

The Republican also said that under the deal, the US would apply 55% tariffs on Chinese goods – a combination of his 30% additional levies and the rough average of pre-existing duties, a White House official said.

He said Beijing would charge 10% duties on US goods.

The rates are the same as those that were previously agreed in the truce, which brought US tariffs down from 145% and those imposed by China from 125%.