- Trump and Xi meet at Busan Airport to discuss trade and security
- US to reduce tariffs on Chinese goods; China to lift export limits on rare earths
- Beijing agrees to buy large amounts of US soybeans and farm goods
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.
