Overview
- China will suspend for 12 months its October export curbs on rare earths, and both sides will pause special port fees on each other’s ships for a year.
- The United States will reduce certain tariffs on Chinese goods by 10% tied to Chinese action on fentanyl precursor controls, bringing many rates to roughly 47%.
- Beijing pledged large purchases of U.S. agriculture with Treasury Secretary Scott Bessent citing about 12 million metric tons of soy this year, and it agreed to begin steps to buy U.S. energy as Trump pointed to potential Alaska oil and gas sales.
- Washington will defer for a year the planned expansion of the Entity List to majority-owned subsidiaries and some advanced chip export measures, with details on access to high-end Nvidia processors left to further talks.
- No joint text was released after the 90-minute Busan meeting, Trump said Taiwan was not discussed, and markets reacted cautiously pending the full terms and implementation specifics.