GYEONGJU, North Gyeongsang Province — US President Donald Trump said Thursday that he and Chinese President Xi Jinping have reached an agreement on a tariff truce, describing the summit between the two as “amazing.”
Trump explained that he agreed to reduce tariffs on Chinese imports in exchange for Beijing resuming large-scale purchases of US soybeans, maintaining exports of rare-earth minerals and cracking down on the inflow of illicit fentanyl into the US.
The outcome followed a 100-minute meeting in Busan, south of Gyeongju, the venue for the APEC Economic Leaders’ Meeting.
The summit — the first face-to-face encounter between the two leaders since 2019 — began with conciliatory remarks from both Trump and Xi that stood in sharp contrast to the simmering tensions that have defined Washington-Beijing ties during Trump’s second term.
Speaking to reporters on Air Force One while heading back to the US, Trump underscored that “an outstanding group of decisions” were made during his meeting with Xi.
“A lot of decisions were made. There wasn’t too much left out there, and we’ve come to conclusions on many very important points. We’ll be handing that to you in a little while because there are a lot of different things — many of them very important,” Trump said.
Trump said China agreed to immediately resume large-scale purchases of US soybeans and other farm products, which he described as “a very nice gesture” by Xi.
China will not impose export controls on rare-earth minerals, Trump further explained, underlining that the deal was clinched. Rare-earth minerals are essential for the manufacturing of advanced semiconductors, including multiple types of memory chips and logic chips.
“We have a deal now. Every year we’ll renegotiate the deal, but I think it will go on for a long time — long beyond the year when we renegotiate,” Trump said. “All of the rare-earth issues have been settled, and that’s for the world.”
The two sides also reached an understanding on combating the flow of fentanyl and its precursor chemicals into the US, with Xi pledging to strengthen enforcement. In response, Trump announced he would cut tariffs on Chinese imports from 20 percent to 10 percent, effective immediately.
The long-anticipated Trump-Xi summit came after preliminary talks between US and Chinese officials on Sunday in Kuala Lumpur, Malaysia, which set the stage for a potential trade breakthrough at the summit.
During the postmeeting briefing, Trump also disclosed that he and Xi had agreed on mutual visits.
“Another thing we agreed on — I’ll be going to China in April, and he’ll be coming here sometime after that, whether it’s in Florida, Palm Beach, or Washington, DC.”
The Trump-Xi meeting had drawn intense global attention amid a cycle of escalating trade sanctions — from Trump’s steep tariffs on Chinese imports to Xi’s retaliatory measures, including strict export controls on rare-earth minerals.
Both leaders also appeared to recognize the need for a cooling-off period, signaling a shared intent to stabilize relations before further economic turbulence jeopardizes domestic industries and global markets.
The meeting began Thursday morning in a cordial atmosphere, with Trump opening his remarks by flattering Xi.
“It’s a great honor to be with a friend of mine — really for a long time now, if you think about it — the very, very distinguished and respected president of China. We’ll be having some discussions,” Trump told Xi during the meeting.
“I think we’ve already agreed to a lot of things, and we’ll agree to some more right now. But President Xi is a great leader of a great country, and I think we’re going to have a fantastic relationship for a long period of time. It’s an honor to have you with us.”
In response, Xi underscored the importance of managing ties between Beijing and Washington in a stable manner despite differences.
“Given our different national conditions, we do not always see eye to eye. And it is normal for the two leading economies of the world to have frictions now and then,” Xi said. “You and I are at the helm of China-US relations. In the face of winds, waves and challenges, we should stay on the right course and ensure the steady sailing forward of this giant ship of China-US relations.”
South Korean Trade Minister Yeo Han-koo said Thursday that the outcome of the Trump–Xi summit aligns with South Korea’s interests, given its treaty-based alliance with the United States and deeply intertwined supply chains with China.
“Our two largest trading partners — the US and China — finding a point of balance and pursuing stability in areas such as supply chains and broader economic issues would also serve the Republic of Korea’s national interests,” Yeo said during a press briefing on the APEC Ministerial Meeting, referring to South Korea by its official name.
