Trump-Xi trade truce: The United States and China have agreed to ease trade tensions after President Donald Trump and President Xi Jinping met in Busan, South Korea, with tariff cuts, a pause on rare earth export controls, and new farm and energy purchases.
President Trump called the meeting a truly great meeting, while China's commerce ministry confirmed a joint arrangement to strengthen economic and trade cooperation. The United States will cut its fentanyl-related tariff on Chinese goods from 20% to 10%, bringing overall US tariffs on Chinese imports from 57% to 47%, according to President Trump. In return, China has agreed to pause its expanded export controls on rare earth minerals and related technology for one year. Those minerals are essential for electric vehicles, smartphones, defence systems, and advanced manufacturing.
China has also agreed to begin buying large amounts of US farm goods, including soybeans and sorghum, starting immediately, and to begin buying American oil and gas, including energy from Alaska. On technology, President Trump said China would be in discussions with the chip maker Nvidia about additional purchases, but reports indicate that access to Nvidia's newest generation of advanced processors was not part of the conversation and existing US export controls appear to stand.
Analysts urge caution: there is as yet no formal signed deal, with Treasury Secretary Scott Bessent saying he expects signatures possibly as soon as next week, and the arrangement is described as a one-year framework to be renegotiated annually. Some earlier Chinese export controls remain in place. President Trump said he will visit China in April, with President Xi expected to visit the United States later in the year. All visuals in this video are AI-generated illustrations, not footage of the actual events.
More from World Wire:
https://www.dailymotion.com/video/xbs6w52
https://www.dailymotion.com/video/xbs7w22
https://www.dailymotion.com/video/xbs8zou
https://www.dailymotion.com/video/xbs0qja
Follow World Wire for daily international news.
#trumpxi #usachina #tradewar #tariffs #busan #worldnews #economy #china #trump #worldwire
