- U.S. President Donald Trump and Chinese President Xi Jinping met in Busan, South Korea, marking their first face-to-face meeting in six years, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit.
- Trump announced a reduction in U.S. tariffs on Chinese goods from 57% to 47%, including halving the 20% tariff related to fentanyl precursor chemicals to 10%.
- China agreed to resume U.S. soybean purchases, pause export restrictions on rare earth elements for one year, and work to curb the flow of fentanyl to the United States.
- Both sides agreed to pause tit-for-tat port fees and aim for expanded cooperation in technology and agriculture, though issues like Taiwan and Nvidia chip exports were not discussed.
- Markets responded cautiously, reflecting skepticism that the agreement resolves the deeper trade and geopolitical rivalry between the world’s two largest economies.
Trump, Xi Reach Deal on Tariffs, Rare Earths
