The president said he and Chinese President Xi Jinping still need to sign off on a preliminary deal, even though he called it "done."

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%.

U.S. and Chinese negotiators agreed late Tuesday to try again to implement the trade war truce that had collapsed after it was reached during an earlier round of talks in Geneva.

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.