Jun 12, Kathmandu - Talks aimed at cooling tensions between the US and China have ended in a "deal", according to US President Donald Trump.

He said China had agreed to supply US companies with magnets and rare earth metals, while the US would walk back its threats to revoke visas of Chinese students.

"Our deal with China is done, subject to final approval from President Xi and me," Trump wrote on his media platform Truth Social.

It followed two days of intense talks in London to resolve conflicts that had emerged since the two sides agreed a truce in May, after a rapid escalation of tariffs had nearly paralysed trade between the world's two largest economies.

But the limited nature of the announcement underscored questions the White House is facing about whether its tariff strategy can quickly yield solid trade deals.

Speaking on Thursday, President Trump said he will set unilateral tariff rates with trading partners in the next one or two weeks.

The US president said he would send out letters specifying the terms of the new deals ahead of a 9 July deadline to reimpose higher tariffs on countries around the world.

Separately, US Treasury Secretary Scott Bessent said he expected the US would extend the existing pause on some of its most aggressive tariffs to allow trade talks with other countries to continue.

Details about the new agreement with China were limited. Trump and China's leader Xi Jinping spoke over the phone last week to kickstart the negotiations, which involved top officials from both countries.

Officials said it would not alter the broad outlines of the May truce, which lowered - but did not eliminate - new tariffs announced by the two countries since Trump launched a new trade war earlier this year.

"The two sides have, in principle, reached a framework for implementing the consensus reached by the two heads of state during the phone call on 5 June and the consensus reached at the Geneva meeting," China's Vice Commerce Minister Li Chenggang said.

US Commerce Secretary Howard Lutnick told reporters the two sides had "reached a framework to implement the Geneva consensus".

"Once the presidents approve it, we will then seek to implement it," he added.

Speaking to broadcaster CNBC on Wednesday, he said the talks had "cleaned up" the Geneva agreement.