"President Donald Trump and Chinese President Xi Jinping just negotiated a trade deal in their first face-to-face meeting in six years, following reports of China's first purchase of U.S. soybeans in months. The leaders met on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Busan, South Korea. During the talks on Thursday, both leaders agreed to de-escalate trade tensions, Trump told reporters, announcing the U.S. will reduce tariffs by 10% on Chinese goods from 57% to 47%."
"In exchange, China pledged to bolster efforts to crack down on chemicals used to produce fentanyl, meeting a key demand from Trump. China also promised to ease export controls of rare earths, which the U.S. relies on for military purposes and AI development. "Overall, I guess on the scale of from zero to 10, with 10 being the best, I would say the meeting was a 12," Trump told reporters on his way back to the U.S. from South Korea."
President Donald Trump and Chinese President Xi Jinping met on the sidelines of the APEC summit in Busan, South Korea to negotiate a trade deal. Both leaders agreed to de-escalate trade tensions, with the U.S. reducing tariffs on Chinese goods by 10 percentage points from 57% to 47%. China pledged to intensify crackdowns on chemicals used to produce fentanyl and to ease export controls on rare earths relied on by the U.S. for military and AI applications. State-owned COFCO purchased 180,000 metric tons of U.S. soybeans, marking China’s first U.S. soy purchase in months, though traders said the volume was small and broader U.S. demand is unlikely to rise soon.
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