President Trump said Wednesday that the United States and China had struck a deal to roll back some of the punitive measures they had taken against each other’s economies in recent months, including his administration’s recently proposed restrictions on Chinese students attending U.S. universities.

The agreement followed two days of marathon negotiations in London, and will return the countries to the terms of a trade truce they had reached in May, after weeks of escalating tensions between them.

“OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME,” Mr. Trump wrote on Truth Social. “RELATIONSHIP IS EXCELLENT!”

The full details of the agreement were not immediately released. But it essentially involves China relaxing its restrictions on shipments of valuable rare earth minerals and magnets needed by U.S. manufacturers. In return, U.S. officials would roll back limits that they had placed on exports of U.S. products and technology, including ethane and airplane parts, as well as the proposed visa restrictions. Both had been intended to put pressure on the Chinese.

Tariffs between the countries will remain unchanged. In his Truth Social post, Mr. Trump wrote that U.S. tariffs on China would be “a total of 55 percent.” That total adds together a 30 percent tariff he put on products from China in the last few months and a 25 percent tariff he imposed on some Chinese products during his first term. In reality, some tariffs on Chinese products are lower and many significantly higher.

While Mr. Trump described the agreement as a “deal,” officials did not announce progress on any other trade issues, beyond rolling back the tit-for-tat measures taken against each other after Mr. Trump ratcheted up tariffs on Chinese products in early April.