Overview
- The leaders met for about 1 hour and 40 minutes in Busan and left without issuing a detailed joint statement.
- U.S. Treasury Secretary Scott Bessent said talks built on a Malaysia framework expected to avert a threatened 100% U.S. tariff and extend the current truce.
- Bessent indicated Beijing is expected to defer newly announced rare‑earth export curbs for roughly a year if the framework is finalized.
- President Trump signaled he is likely to reduce the 20% fentanyl‑linked tariff, while officials pointed to Chinese purchases of U.S. soybeans as part of the package.
- Reports said discussions also touched on TikTok arrangements and potential chip‑export adjustments, with any moves still requiring documentation and domestic approvals on both sides.