BUSAN, South Korea: U.S. President Donald Trump hailed his meeting with Chinese President Xi Jinping as a “great success” after both leaders agreed on a new trade framework covering fentanyl tariffs and rare earth supplies — marking a thaw in strained U.S.-China relations.
The deal, announced during the APEC Summit in Gyeongju, ensures uninterrupted global access to rare earth materials essential for electronics, while also reducing fentanyl-related tariffs by 10%. Trump also revealed that China will resume large-scale purchases of U.S. soybeans and agricultural goods, a key win for American farmers.
“All the rare earths have been settled, and that’s for the world,” Trump said aboard Air Force One, confirming that the deal could be extended beyond one year.
The agreement comes after Beijing tightened export controls on rare earths earlier this month, raising concerns over supply chain disruptions. Trump praised Xi as a “tremendous leader of a very powerful country” and announced plans to visit China in April to continue discussions on trade and regional stability.
The meeting — their first since 2019 — took place amid speculation over Taiwan and regional tensions, but Trump clarified that the Taiwan issue was not discussed. Both sides, however, agreed to “work together” on stabilizing the Ukraine conflict and broader global challenges.
💬 GRY News Analysis:
This deal signals a cautious reset in U.S.-China relations, with both powers recognizing the strategic importance of rare earth cooperation. Analysts believe the move could stabilize global tech manufacturing and ease inflationary pressure on advanced industries.
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