President Trump emerged from his assembly with Chinese language President Xi Jinping on Thursday touting agreements on tariffs, uncommon earth exports and soybean purchases as the 2 superpowers reached truces on key points.
The assembly, which marked the primary in-person talks between Trump and Xi in six years, got here amid financial tensions spurred by commerce and after Trump introduced the U.S. would resume nuclear testing.
Listed here are 5 offers the world leaders struck in South Korea.
US reduces China tariffs
The assembly’s topline takeaway was Trump’s transfer decreasing U.S. tariffs on China from 57 p.c to 47 p.c. Whereas talking to reporters on Air Drive One en route again to Washington, Trump mentioned the ten p.c discount was a results of him agreeing to decrease fentanyl-related tariffs on Beijing from 20 p.c to 10 p.c.
The president mentioned Thursday’s introduced tariff minimize could be efficient “immediately.”
Trump weeks earlier than the assembly had threatened to extend tariffs on China over export management considerations.
Trump and his Republicans allies in Washington have regarded to fiercely fight the circulation of fentanyl into the U.S. throughout his second administration, making Thursday’s announcement on decreasing fentanyl tariffs notable. The president mentioned he was optimistic Xi would work exhausting to cease the unlawful circulation of fentanyl going ahead.
“On fentanyl, we agreed he was going to work very hard to stop the flow,” Trump informed reporters. “You know it’s a very complex subject because it’s used for lots of different reasons including anesthetics. But he’s going to work very hard on it.”
“I think you’re going to see some real action taken,” the president predicted.
China pauses uncommon earth controls for one 12 months
A serious supply of stress heading into the assembly was China’s current announcement that it will tighten its management over the export of vital minerals and uncommon earth supplies.
Trump appeared to attain a serious win in saying that Beijing had agreed to delay the implementation of these modifications for one 12 months.
The president mentioned on Fact Social that China had agreed to “continue the flow of Rare Earth, Critical Minerals, Magnets, etc., openly and freely.”
China is just not anticipated to roll again current export controls, however the delay gives the U.S. a reprieve whereas it shores up different provide chains.
Uncommon earths and demanding minerals are utilized in quite a few merchandise, together with vehicles, semiconductors and electronics like laptops.
China accounts for almost 70 p.c of the world’s uncommon earth mining as of 2024, and Beijing introduced earlier this month tighter restrictions on what overseas entities may export merchandise containing even a small proportion of vital minerals mined in China.
Trump in response sought to signal offers with Australia, Japan, Malaysia, Thailand and Cambodia to extend cooperation on the mining and processing of vital minerals and uncommon earth materials.
Trump’s nuclear testing casts shadow
Trump made information roughly an hour earlier than his assembly with Xi when he introduced in a TruthSocial publish that he was directing the Pentagon to instantly start testing U.S. nuclear weapons on an equal foundation to China and Russia.
“The United States has more Nuclear Weapons than any other country,” Trump wrote. “This was accomplished, including a complete update and renovation of existing weapons, during my First Term in office. Because of the tremendous destructive power, I HATED to do it, but had no choice! Russia is second, and China is a distant third, but will be even within 5 years.”
Trump initially ignored a query from a reporter on the announcement throughout his assembly with Xi, however informed reporters after that information “had to do with others” when requested whether or not it needed to do with Xi.
“They seem to all be nuclear testing. We have more nuclear weapons than anybody,” the president mentioned.
“We don’t do testing, and we halted it many years ago but with others doing testing, I think it’s appropriate that we do also,” he continued.
It’s unclear what sort of testing Trump is alluding to. No nation has performed nuclear testing for the reason that Nineteen Nineties besides North Korea. Russia has been testing nuclear-capable weapons exams which doesn’t embrace setting off precise bombs. North Korean chief Kim Jong Un, in the meantime, has been testing missiles able to having nuclear warfare heads as lately as this week.
Soybean purchases enhance US farmers
U.S. soybean farmers had excessive hopes for the Trump-Xi assembly, as commerce tensions between Washington and Beijing had hit them notably exhausting.
Trump mentioned following the assembly that Xi had approved the acquisition of soybeans, sorghum and “other farm products.”
“We’re in agreement on so many elements,” Trump mentioned aboard Air Drive One after the assembly. “Large amounts, tremendous amounts of the soybeans and other farm products are going to be purchased immediately, starting immediately.”
Treasury Secretary Scott Bessent mentioned on Fox Enterprise Community on Thursday that China had agreed to purchase 12 million metric tons of soybeans by way of the rest of the 12 months and 25 million tons per 12 months for the following three years.
The announcement will come as a reduction to farmers and to farm state lawmakers who had expressed frustration with the ripple results of Trump’s commerce insurance policies.
Agriculture Division knowledge confirmed soybeans have been the most important agricultural export from the U.S. in 2024. Roughly half these exports went to China, however that quantity dropped to zero earlier this 12 months after Beijing stopped buying U.S. soybeans, turning as an alternative to locations like Argentina.
Not mentioned: Taiwan, Russian oil, Blackwell chips
Whereas quite a lot of floor was lined in the course of the over hour lengthy assembly between the U.S. and Chinese language delegations, there have been various key points that didn’t come up amongst officers.
Trump informed reporters that Taiwan, Russian oil, and Blackwell chips weren’t mentioned in the course of the sitdown along with his Chinese language counterpart.
“Taiwan never came up. It was not discussed actually,” Trump mentioned, noting that Russia’s warfare in Ukraine was a subject of dialog.
“We’re both going to work together to see if we can get something done,” Trump mentioned. “We agree that the sides are locked in, fighting, and sometimes you have to let them fight, I guess. Crazy. But he’s going to help us and we’re going to work together on Ukraine.”
When requested about China’s historical past of buying Russian oil, Trump mentioned, “we really didn’t discuss the oil” speaking as an alternative about attempting to finish the warfare.
“He’s been buying oil from Russia for a long time. It takes care of a big part of China,” he mentioned.
A 3rd concern that Trump mentioned didn’t give you Xi was approving the sale of Nvidia’s Blackwell chips to China.
“We’re not talking about the Blackwell. That just came out yesterday,” the president mentioned.
Trump did say he mentioned the difficulty of chips, typically, with Xi.
“[China is] going to be talking to Nvidia and others about taking chips.”
