Washington — President Trump’s Meeting with Chinese President Xi Jinping
President Trump described his meeting with Chinese President Xi Jinping in South Korea as “amazing,” highlighting agreements on several fronts, including:
- Resumption of U.S. soybean sales to China.
- Short-term access to rare earth minerals.
- A reduction in fentanyl-related tariffs on China.
No formal documents have been released regarding these agreements.
Tariff Rates on Imports from China
Trump announced a 10% reduction in tariffs on Chinese goods, lowering the rate from 57% to 47%. He expressed his expectation to sign a trade agreement “pretty soon” but hinted at potential future renegotiations. The president justified this move as a response to China’s pledge to address the fentanyl crisis, where the country is the primary exporter of precursor chemicals.
Rare-Earth Minerals
Beijing has agreed to delay its export restrictions on rare-earth minerals for one year, with expectations for routine extensions. Trump claimed this issue has been “settled.” China dominates global production of rare earth magnets, essential for semiconductors and missiles.
Soybean Sales
Trump announced on Truth Social that Xi authorized China to purchase massive amounts of soybeans and other U.S. farm products. This development ends a period where China stopped buying U.S. soybeans as a response to Trump’s tariff regime. Treasury Secretary Scott Bessent revealed that China has committed to returning to regular soybean purchase levels over the next three years, with 12 million metric tons planned for this season.
TikTok and Chips
No final agreement was announced regarding TikTok, although Treasury Secretary Bessent suggested a deal is in the works. Trump and Xi discussed chips, with the president indicating China would be in talks with Nvidia to purchase U.S.-made chips, despite recent restrictions due to national security concerns.