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U.S. and China Outline Tariff Cuts and Rare-Earths Deal After First Trump–Xi Meeting Since 2019

The announcements coincide with Trump's order to resume U.S. nuclear testing.

Overview

  • Trump said fentanyl-linked tariffs on Chinese goods will be reduced from 20% to 10%.
  • He announced a one-year, renewable rare-earths supply arrangement, with Chinese state outlets signaling economic teams will finalize details.
  • Trump said China will begin buying considerable volumes of U.S. soybeans and other agricultural products immediately.
  • He said Washington and Beijing will work together on the war in Ukraine, while noting that Taiwan was not discussed.
  • Before and after the Busan meeting, Trump ordered U.S. nuclear weapons testing to commence immediately, ending a decades-long pause.