Washington: US President Donald Trump has announced a major trade deal with China, under which a 55% tariff will be imposed on Chinese goods. The decision came after a meeting between Trump's top economic officials and their Chinese counterparts in London. Trump claimed that the deal would secure the supply of rare earth minerals from China. He said that the US would impose a 55% tariff on Chinese goods, while China would impose a 10% tariff on American products. Trump called it a temporary agreement and said that the two sides had agreed to the deal after the London talks. Trump's social media message In a post, Trump described the relationship between the two countries as 'great'. He wrote, 'We will give China everything that was agreed upon, including allowing Chinese students to study in our colleges and universities. That has always been good to me!' Significance of the agreement The agreement is an attempt to reduce long-standing trade tensions between the two countries. Trump's move is to strengthen the US economy and control the supply chain of rare earth minerals. It is considered part of the strategy to do so.