The United States has agreed to “slash some tariffs” and ease export controls in a new one-year pact with China, according to details emerging from a meeting between Presidents Donald Trump and Xi Jinping.
In return for the tariff relief, China has agreed to purchase US soybeans. More significantly, Beijing has also committed to pausing any new restrictions on the export of rare earths or the technology used to process them, a major point of friction.
The deal also includes a one-year postponement of a US measure that would have blocked many Chinese firms from accessing American technology. This had been a key demand from Beijing.
Speaking after the meeting at the APEC forum in South Korea, President Xi advocated for global cooperation. He warned against “breaking supply chains” and urged nations to “join hands rather than letting go.”
Both leaders praised the talks, which Trump called “amazing.” They also scheduled reciprocal visits, with Trump planning to go to China in April and Xi to visit the US later in the year.