The much-awaited meeting between President Donald Trump and Chinese President Xi Jinping on Thursday concluded with significant decisions on trade, soybeans, and resources.
The two leaders met at the sidelines of the APEC summit in Busan, South Korea. The first in-person meeting between the two since Trump’s second term began in January, for about an hour and 40 minutes.
Reduced Fentanyl Tariffs, Soybean And Rare Earth Deal
Trump told reporters aboard Air Force One about the reduction in fentanyl tariffs from 20% to 10%. The reduced fentanyl tariffs will take effect immediately, lowering the levy on Chinese exports to 47% from 57%. Trump still called the subject of fentanyl very “complex” and expressed confidence that Xi would “work hard” to stop the related deaths.
In exchange, Beijing has pledged to step up measures against fentanyl trafficking and restart imports of “tremendous amounts” of U.S. soybeans and other agricultural goods, as per Trump. He also appreciated China’s gesture to resume “large quantities” of soybean imports.
The President also said that the U.S. and China have reached an agreement on rare earths and critical minerals. Rare earth issue “has been settled,” Trump stated, adding that the agreement will be renegotiated annually.
Nvidia Talks Does Not Include Blackwell
Trump said he had discussed the sale of Nvidia (NASDAQ:NVDA) chips to China with President Xi, adding that it was now up to Beijing to continue talks with the company. “That’s really between you and Nvidia,” Trump is said to have told the Chinese president.
However, he clarified that the discussion did not cover the sale of Nvidia's latest Blackwell chips to China.
Trade Deal ‘Pretty Soon’
When asked about signing the trade deal with China, Trump replied, “pretty soon.” He added, “We have not too many major stumbling blocks.”
Trump also announced plans to visit China in April, adding that Xi is expected to make a return visit to the U.S., though no specific dates were provided. Overall, he called the meeting “amazing” and rated it a “12 out of 10,” emphasizing the positive outcomes and agreements reached.
Geopolitical Issues Discussed
Trump also noted that Taiwan was not part of the talks, but the topic of Ukraine was discussed extensively. He emphasized that the U.S. is willing to work with China toward resolving the conflict.
Xi Willing To Work With Trump
Xi said China's growth aligns with Trump's vision to "Make America Great Again," emphasizing that "China and the U.S. should be partners and friends," as reported by China Daily.
He added that both nations are "fully able to help each other succeed and prosper together" and expressed readiness to work with Trump to "build a solid foundation for China-U.S. relations and create a sound atmosphere for the development of both countries."
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