Overview
- After their Busan meeting, President Donald Trump and President Xi Jinping directed negotiators to finalize a de‑escalation package to stabilize commerce and avoid further retaliation.
- Trump halved the fentanyl‑linked tariff on Chinese goods to 10%, lowering the average U.S. tariff rate on Chinese imports to about 47%.
- Xi agreed to suspend newly announced rare‑earth export restrictions for roughly one year, easing immediate pressure on critical supply chains.
- China will resume large purchases of U.S. soybeans, starting with 12 million metric tons this season and about 25 million tons annually, according to Treasury Secretary Scott Bessent.
- Talks on TikTok and other technical issues are progressing but not finalized, and both sides say the truce remains provisional as legal sign‑offs and enforcement details are worked out; the leaders also exchanged invitations for visits next year.