WASHINGTON (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 rise to 55%.

In return, Trump said, the U.S. will provide China “what was agreed to,” including allowing Chinese students to attend American colleges and universities. The Republican president had recently begun to clamp down on the presence of Chinese nationals on U.S. college campuses.

The new 55% tariff rate would mark a meaningful increase from the 30% levy set in Switzerland during talks in May.

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“OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME.,” Trump wrote Wednesday on his social media site.

He said full magnets and any necessary rare earths will be supplied up front by China.

“WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!” Trump wrote.

Senior U.S. and Chinese negotiators announced late Tuesday in London that they had agreed on a framework to get their trade negotiations back on track after a series of disputes that threatened to derail them.

The announcement came at the end of two days of talks in the British capital that wrapped up late Tuesday.

It came as an international rights group said that several global brands are among dozens of companies at risk of using forced labor through their Chinese supply chains because they use critical minerals or buy minerals-based products sourced from the far-western Xinjiang region of China.

The report by the Netherlands-based Global Rights Compliance says companies including Avon, Walmart, Nescafe, Coca-Cola and paint supplier Sherwin-Williams may be linked to titanium sourced from Xinjiang, where rights groups allege the Chinese government runs coercive labor practices targeting predominantly Muslim Uyghurs and other Turkic minorities.

The report found 77 Chinese suppliers in the titanium, lithium, beryllium and magnesium industries operating in Xinjiang. It said the suppliers are at risk of participating in the Chinese government’s “labor transfer programs,” in which Uyghurs are forced to work in factories as part of a long-standing campaign of assimilation and mass detention.

Asked about the report, the Chinese Foreign Ministry said that “no one has ever been forcibly transferred in China’s Xinjiang under work programs.”

The named companies didn’t immediately comment on the report.

By PAUL WISEMAN and DARLENE SUPERVILLE, Associated Press

WASHINGTON (AP) — President Donald Trump on Wednesday hailed a favorable decision by a federal appeals court over his sweeping tariff policy as a “great” win for the United States.

Trump said on his social media site that the court’s decision Tuesday night to let the government keep collecting his sweeping import taxes while challenges to his signature trade policy continue on appeal means the U.S. “can use TARIFFS to protect itself against other countries.”

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“A great and important win for the U.S.,” Trump wrote.

The decision by the U.S. Court of Appeals for the Federal Circuit extends a similar ruling it made after another federal court struck down the tariffs May 28, saying Trump had overstepped his authority. Noting that the challenges to Trump’s tariffs raise “issues of exceptional importance,″ the appeals court said it would expedite the case and hear arguments July 31.

The case involves 10% tariffs the Republican president imposed on almost every other country in April and bigger ones he imposed and then suspended on countries with which the United States runs trade deficits. It also involves tariffs he plastered on imports from China, Canada and Mexico to pressure them to do more to stop the illegal flow of immigrants and synthetic opioids across the U.S. border.

In declaring the tariffs, Trump had invoked emergency powers under a 1977 law. But a three-judge panel of the U.S. Court of International Trade ruled he had exceeded his power.

That ruling from the Court of International Trade came after several lawsuits arguing Trump’s tariffs exceeded his authority and left the country’s trade policy dependent on his whims.

The tariffs upended global trade, paralyzed businesses and spooked financial markets.

Elon Musk stepped back from his explosive feud with U.S. President Donald Trump, writing on X that he regrets some of his posts about his onetime ally and that they went “too far.”

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Early Wednesday morning, he posted “I regret some of my posts about President @realDonaldTrump last week. They went too far.”

Musk’s break with a president whom he spent hundreds of millions of dollars to elect appeared to put an end to his influence in the White House and prompted concerns about effects on his companies. As a major government contractor, Musk’s businesses could be particularly vulnerable to retribution, and Trump has already threatened to cut Musk’s contracts.

Musk earlier deleted a post in which he claimed without evidence that the government was concealing information about the president’s association with infamous pedophile Jeffrey Epstein. Meanwhile, other posts that irritated Trump, including ones in which Musk called the spending bill an “abomination” and claimed credit for Trump’s election victory, remained live.

On Sunday, Trump told NBC’s Kristen Welker that he has no desire to repair their relationship and warned that Musk could face “ serious consequences ” if he tries to help Democrats in upcoming elections.

By YURI KAGEYAMA, Associated Press Business Writer

TOKYO (AP) — Global shares mostly rose Wednesday after China and the U.S. said they had agreed on a framework for following up on the trade truce reached last month in Geneva.

France’s CAC 40 added 0.3% in early trading to 7,830.85, while Germany’s DAX edged up 0.1% to 24,063.19. Britain’s FTSE 100 rose nearly 0.2% to 8,867.82. U.S. shares were set to drift lower with Dow futures down 0.2% to 42,826.00. S&P 500 futures declined nearly 0.2% to 6,035.50. Oil prices edged higher.

In Asia, Japan’s benchmark Nikkei 225 surged 0.6% to finish at 38,421.19. Data from the Bank of Japan showed wholesale inflation slowed in May, meaning there might be less pressure for the central bank to raise interest rates in its next policy board meeting.

Hong Kong’s Hang Seng Index gained 0.8% to 24,356.67, while the Shanghai Composite rose 0.5% to 3,402.32.

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Australia’s S&P/ASX 200 lost earlier gains and were little changed, up less than 0.1% to 8,592.10.

South Korea’s Kospi added 1.2% to 2,907.04 as relief set in about Trump’s trade policies. Optimism is also growing about the policies of Korean President Lee Jae-myung, who took office last week. He has promised to encourage growth in the local stock market.

Stocks have soared higher since dropping roughly 20% below their record two months ago, when President Donald Trump shocked financial markets with his announcement of stiff tariffs that raised worries about a possible recession. Much of the rally has been due to hopes that Trump would lower his tariffs after reaching trade deals with countries around the world.

Analysts said that after two days of discussion in London, the late-night agreement reached appeared to be a consensus on what was already agreed upon before. Even so, Trump’s approval is still needed.

“So what did 48 hours of talks actually produce? Apparently, a reaffirmation to eventually do what they had already said they would do. If markets were expecting substance, they got process instead,” said Stephen Innes, managing partner at SPI Asset Management.

U.S. Secretary of Commerce Howard Lutnick said Tuesday evening in London that talks with China were going “really, really well.” Both the United States and China have put many of their tariffs on each other’s exports on pause as talks continue.

However, uncertainty over what is to come is still affecting companies and their profit-making abilities.

Benchmark U.S. crude oil gained 24 cents to $65.22 a barrel. Brent crude, the international standard, edged up 17 cents to $67.045 a barrel.

The U.S. dollar rose to 145.11 Japanese yen from 144.84 yen. The euro cost $1.1420, down from $1.1425.