On Thursday, President Donald Trump and Chinese President Xi Jinping met in Busan, South Korea, during the Asia-Pacific Economic Cooperation forum, agreeing to reduce U.S. tariffs on Chinese goods from 57% to 47% and fentanyl-related tariffs to 10%.
China pledged to ease chip restrictions, resume rare earth and soybean exports under a one-year critical minerals trade agreement, and both leaders committed to collaboration on global issues like Ukraine while planning mutual state visits.
The summit marked their first in-person talks since Trump’s reelection, fostering optimism for U.S.-China relations amid ongoing economic frictions.
