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Trump and Xi Announce 'Basic Consensus' in Busan, With Rare-Earth Pause and Tariff Easing

Negotiators now face the task of turning the leaders' outline into signed terms.

Overview

  • After a roughly 90–110 minute meeting, both sides described the talks as constructive, with Xi saying teams reached a basic consensus and no joint press conference held.
  • Trump said China will suspend its rare‑earth export restrictions for one year on a global basis, calling the arrangement part of a broader commercial understanding pending formalization.
  • He announced reductions to U.S. tariffs on Chinese goods and a cut to fentanyl‑related levies, with reported figures varying by outlet, while Xi tasked teams to finalize details quickly.
  • Trump said the two countries will work together on the war in Ukraine and that Taiwan was not discussed; he also cited stepped‑up cooperation on fentanyl precursor controls.
  • Both leaders signaled reciprocal visits next year, and Trump’s trip also featured a finalized U.S.–South Korea package lowering reciprocal tariffs and pledging $350 billion in investment.