Trump, Xi Announce One-Year US-China Trade Pact Reducing Tariffs

President Donald Trump described his recent meeting with Chinese President Xi Jinping at the APEC Summit in Busan, South Korea, as "a great one" that would foster lasting peace and success between the US and China. The two leaders agreed on a landmark one-year trade pact that reduces US tariffs on Chinese imports from 57% to 47%, with plans for annual renegotiations. Part of the tariff reduction was tied to China's commitment to take strong action against fentanyl. Additionally, China agreed to immediately purchase large quantities of US soybeans and other agricultural products, resuming purchases that had paused earlier amid trade tensions. The deal also includes China suspending its rare-earth export restrictions for one year and the US suspending investigations into some Chinese sectors. Both countries emphasized cooperation on trade and global challenges, signaling a thaw in strained bilateral relations.