Overview
- President Trump lowered the combined U.S. tariff rate on Chinese goods from 57% to 47% by cutting the fentanyl-related levy from 20% to 10% as Xi pledged a tougher crackdown on illicit precursors.
- Beijing agreed to pause new export controls on rare earths and other critical minerals for about one year, keeping key inputs available for high-tech and defense manufacturing.
- China will restart major U.S. farm purchases, including 12 million metric tons of soybeans immediately and 25 million tons annually for the next three years, according to U.S. officials.
- Both leaders told their teams to move quickly to convert the framework into signed agreements and exchanged invitations for state visits, with Trump planning to go to China in April.
- Topics such as Taiwan, Chinese purchases of Russian oil, and Nvidia’s next-generation Blackwell chips were not discussed, underscoring that the outcome is a temporary truce rather than a comprehensive deal.