US President Donald Trump described his meeting with Chinese President Xi Jinping as “amazing,” following talks at Busan Airport that marked a partial de-escalation in US-China trade tensions.
Key points from the talks include:
- Tariffs: Trump announced a reduction of the “fentanyl tariff” from 20% to 10%, lowering the overall tariff rate on Chinese goods.
- Rare earths: China agreed to suspend export controls on critical minerals for a year, easing pressure on US electric vehicle and tech industries.
- Agricultural trade: China will purchase large quantities of US soybeans and other farm products, benefiting American farmers.
- Pending issues: No formal trade deal was signed, and matters like TikTok, Taiwan, technology transfers, and transshipments remain unresolved.
Experts note the meeting provides short-term relief and stabilizes trade relations, but structural tensions between the two powers persist. Trump and Xi’s discussion also included cooperation on Ukraine and broader economic ties.
