Overview
- Trump said fentanyl‑linked tariffs on Chinese goods will be cut from 20% to 10% effective immediately in exchange for stronger Chinese enforcement on precursor chemicals.
- U.S. Treasury Secretary Scott Bessent said Beijing would delay new rare‑earth export controls for about a year, framing the move as part of the leaders’ in‑principle understanding.
- Trump said China agreed to resume large‑scale purchases of U.S. soybeans and other farm goods, calling the step a significant gesture toward easing tensions.
- The leaders met for roughly 1 hour and 40 minutes in Busan, their first in‑person talks since 2019, and issued no joint statement as details await technical follow‑up and domestic approvals.
- U.S. officials pointed to a preparatory framework reached in Malaysia that helped avert a threatened 100% tariff hike and set the stage for the Busan truce, with Trump also signaling reciprocal leader visits starting with a China trip in April.