The United States and China have finalized a trade truce reached last month in Geneva, Switzerland, according to Commerce Secretary Howard Lutnick.

The agreement sets out terms laid out in trade talks between the two countries this year and includes China's commitment to deliver rare earths used in various industries, Bloomberg News reported.

"They're going to deliver rare earths to us," and once they do that, "we'll take down our countermeasures," Lutnick told the outlet.

During talks in May in Geneva, China committed to removing non-tariff countermeasures imposed against the U.S. since April 2, although it was unclear how some of those measures would be walked back.

As part of its retaliation to U.S. tariffs announced by President Donald Trump, China had added rare earths to its controlled export list.

"The administration and China agreed to an additional understanding for a framework to implement the Geneva agreement," a White House official said Thursday.

Lutnick also said the U.S. plans to reach 10 major trade deals, with Trump ready to finalize deals in the next two weeks.

Trump has set a July 9 deadline to reinstate higher tariffs he paused in April.

Although Lutnick did not specify which nations would be part of the trade deals, Trump earlier Thursday suggested the U.S. was close to an agreement with India.

"We're going to do top 10 deals, put them in the right category, and then these other countries will fit behind," he said.

Trump, who could extend deadlines, has said countries with which the U.S. doesn't have trade deals will receive "letters" dictating trade terms. Lutnick said countries will be sorted into "proper buckets" on July 9.

"Those who have deals will have deals, and everybody else that is negotiating with us, they'll get a response from us, and then they'll go into that package," Lutnick said. "If people want to come back and negotiate further, they're entitled to, but that tariff rate will be set, and off we'll go."

Bloomberg News reported that Indian trade officials, led by chief negotiator Rajesh Agarwal, were set to hold meetings with officials in Washington at the end this week.

The outlet said Japan's chief trade negotiator also has more talks scheduled in Washington.

"Japan and the U.S. are currently discussing the series of U.S. tariff measures, and we will continue to make our utmost efforts on the matter as our top priority," Japan's Chief Cabinet Secretary Yoshimasa Hayashi said at a news conference.

Reuters contributed to this story.

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