A U.S.-China trade deal is "done," U.S. President Donald Trump said on Wednesday, hours after negotiators from Washington and Beijing agreed on a framework to get a fragile trade truce back on track and remove Chinese export restrictions on rare earth minerals and other critical industrial components.

China will only be renewing contracts for its rare earths six months at a time, making rolling trade negotiations more likely, The Wall Street Journal reported.

While Donald Trump hailed the outcome of trade talks in London, Xi Jinping walked away with an understated strategic gain: a negotiating process that buys China time and helps defuse the threat of more harmful tariffs and technology curbs.

President Donald Trump said the deal with China is "done." His former Commerce Secretary told Business Insider it's far from comprehensive.

Two days of trade talks resulted in what leaders called a framework agreement meant to solidify terms of a truce that the superpowers reached in Geneva last month.

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%.