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.

U.S. and Chinese negotiators have agreed to a “framework” on trade, officials said late Tuesday.

Trump said Wednesday that base American tariffs on Chinese goods will increase to 55% and Chinese tariffs on American goods will be set at 10%.