Overview
- President Trump said overall U.S. tariffs on Chinese goods will drop to roughly 47%, driven in part by cutting the fentanyl‑related tariff from 20% to 10%.
- China agreed to pause new export controls on rare earths for one year, easing a key pressure point for critical‑minerals supply chains.
- Treasury Secretary Scott Bessent said China will buy 12 million metric tons of U.S. soybeans immediately and commit to 25 million tons annually for three years.
- The White House pulled back the threatened 100% tariff hike set for Nov. 1, and the leaders set plans for follow‑up talks with reciprocal visits.
- Major items were left unresolved, including TikTok divestiture terms, access to advanced U.S. chips and enforcement specifics, though Ukraine was discussed.