BUSAN, South Korea – October 30: U.S. President Donald Trump (R) speaks with Chinese President Xi Jinping during bilateral talks at Gimhae Air Force Base in Busan, South Korea, October 30, 2025.
Andrew Harnik | Getty Images News
U.S. President Donald Trump concluded a meeting with Chinese President Xi Jinping in South Korea on Thursday, announcing a one-year agreement with China on rare earths and critical minerals and cutting fentanyl tariffs on China in half.
President Trump told reporters on Air Force One as he left South Korea that his meeting with Xi was “great” and that “a lot of decisions were made.”
“The rare earth issue is resolved,” President Trump said, adding that it was a one-year agreement and would be negotiated annually. Tariffs on Chinese exports will also be reduced from 57% to 47%, he said.
In return, the Chinese government will “do its best to stop fentanyl” and resume purchasing U.S. soybeans and other agricultural products.
President Trump said he would visit China in April and that Xi would then visit the United States, but did not specify a date.
It was the first meeting between the two leaders in six years, and the meeting lasted one hour and 40 minutes.
Before the meeting, the two leaders struck a conciliatory tone, with Trump calling Xi an “old friend” with whom he had a “very good relationship” and Xi stressing that China’s economic growth ambitions would not undermine Trump’s vision of “making America great again.”
Tensions between the world’s two economic powers have boiled over this year. The latest escalation occurred this month, with the Chinese government’s export restrictions and the US government’s threat to ban software exports to China.
The United States has been sharing details in recent days of deals it hopes to reach with China, ranging from limiting the flow of fentanyl into the United States to selling TikTok from its Beijing-based parent company ByteDance. Tariffs, technical regulations, and rare earths were also on the table for discussion.
Beijing has been more cautious about the prospects for a deal, but in a sign that relations may end, China has bought its first cargo of U.S. soybeans in months, Reuters reported on Wednesday.
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