The United States and China have agreed on a framework to implement their trade truce, officials on both sides said Wednesday, after concluding two days of talks in London to defuse tensions and ease export restrictions that threaten to disrupt global manufacturing.

The U.S. and China have reached consensus on trade, representatives from both sides said after high-level talks in London.

A White House official said the deal allows the U.S. to charge a 55% tariff on imported Chinese goods. This includes a 10% baseline "reciprocal" tariff, a 20% tariff for fentanyl trafficking and a 25% tariff reflecting pre-existing tariffs. China would charge a 10% tariff on U.S. imports.

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Economists saw progress in trade talks on the rare earth issue between the United States and China as a positive sign in moving toward a longer-term deal that would settle financial markets and

U.S. Treasury Secretary Scott Bessent on Wednesday called on China to uphold its commitments under an initial U.S. trade agreement reached in Geneva last month, hours after he and other U.S. and Chinese officials agreed on a new framework to implement the deal.

The US and China agreed to a framework and implementation plan to ease trade tensions on Tuesday. “We have reached a framework to implement the Geneva consensus,” US Commerce Secretary Howard Lutnick said.