Overview
- President Trump said U.S. tariffs on Chinese goods will drop by 10 percentage points to about 47 percent, driven by cutting fentanyl‑related tariffs from 20 percent to 10 percent, with the change described as effective immediately.
- China’s commerce ministry said it will suspend newly tightened rare‑earth export restrictions for one year, easing short‑term supply concerns for critical minerals.
- Treasury Secretary Scott Bessent said China agreed to buy 12 million metric tons of U.S. soybeans for the rest of this year and 25 million tons annually for the next three years.
- Trump said China will begin the process of purchasing American energy, citing a potential large Alaska oil and gas transaction and upcoming meetings between U.S. and Chinese energy teams.
- U.S. officials said signatures are expected next week and verification details remain to be worked out, and Trump noted that Taiwan, Chinese purchases of Russian oil, and Nvidia’s Blackwell chips were not discussed as he and Xi pledged to cooperate on Ukraine.