US, China reach trade truce on tariffs, rare earths

Abdullateef Fowewe

United States President Donald Trump and Chinese President Xi Jinping held their first in-person meeting in six years in Busan, South Korea, marking a major step toward easing long-standing trade tensions between the world’s two largest economies.

According to joint readouts from both sides, the U.S. agreed to cut tariffs on select Chinese imports, including certain fentanyl-related chemical products, from 20 percent to 10 percent.

In return, China pledged to resume large-scale soybean purchases from the U.S. and ensure stable access to rare earth minerals critical to American technology and defense industries.

Both sides described the talks as “constructive.”

Trump announced plans to visit Beijing in April 2026, while President Xi expressed readiness for continued engagement aimed at promoting “mutual respect and mutual benefit.”

The Busan summit marks the first face-to-face encounter between the two leaders since 2019, when they met during the G20 summit in Osaka, Japan.