US President Donald Trump announced on Wednesday that China will supply rare earths to the US in advance as part of a trade deal.
Relations between the world's two largest economies are in "excellent" condition, Trump said in a post on Truth Social.
He also said that magnets and "all the rare earths needed" will be supplied by China first, and in return, the US will make several concessions such as allowing Chinese students to study at colleges and universities in the US.
Trump said the deal was still subject to final approval between him and Chinese President Xi Jinping.
Representatives from both countries had previously announced that an agreement had been reached after two days of high-level talks in London.
"We have reached a framework to implement the Geneva consensus and the conversations between the two presidents," US Commerce Secretary Howard Lutnick told the media.
Tensions had previously escalated when China imposed export restrictions on some rare earth elements and magnets used in the automotive and defense sectors.
China is a global leader in the critical mineral supply chain, producing about 60% of the world's total rare earth supply and processing nearly 90%, including raw materials imported from other countries.
US officials have previously warned that China's dominance in the sector poses a strategic challenge, especially as the world shifts to more sustainable energy sources.
