India, June 11 -- US President Donald Trump has announced that the tariffs on Chinese goods will be reduced to 55 per cent. With this decision, the US and China have called a truce in their ongoing trade row.

As per AP, the US president announced that Washington will get magnets and rare earth minerals from China. In exchange for this, the tariff rate will be slashed.

Taking to Truth Social, the US president shared that the deal with China is "done." This deal would include the lowering of tariffs, supply of rare earth minerals and magnets, and allowing Chinese students to study in US universities and colleges.

"OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS,...