President Donald Trump and officials from China announced that they have agreed on a framework for a trade deal between the two major economic powers.

The US has reached a new trade agreement with China under which all Chinese imports will face a 55% tariff, while American exports to China will be subject to a reduced 10% tariff. This was the result of two days of talks between diplomats from the two nations in London.

In return, Trump said, the U.S. will provide China “what was agreed to,” including allowing Chinese students to attend American colleges and universities.