U.S. President Donald Trump mentioned he had an “wonderful” assembly Thursday with China’s high chief Xi Jinping that produced essential selections. The primary official Chinese language feedback on the assembly had been much less particular and steered any commerce deal just isn’t performed.
Trump met with Xi on the sidelines of Pacific Rim summit gatherings in South Korea, the place the 2 leaders agreed to dial again a few of their commerce measures and work collectively to resolve others.
The one hour and 40 minute assembly’s agenda seems to not have touched on some perennial issues comparable to tensions over the self-governed island of Taiwan.
However Trump mentioned China had agreed to purchase giant portions of American farm merchandise and to make sure regular provides of uncommon earths components utilized in many industries. Listed below are among the key takeaways from the assembly, based mostly on feedback by Trump and U.S. and Chinese language officers:
Rolling again tariffs
Trump advised reporters whereas heading dwelling on Air Drive One which he had agreed to chop his 20% tariff improve, imposed over China’s position in producing fentanyl and chemical compounds used to make it, to 10%. China confirmed that can take common tariffs on Chinese language items to 47%, down from 57%.
The 2 sides agreed to proceed to work on cracking down on illicit flows of the drug into the U.S.
Different tariff will increase stay in place, however for now, the 2 sides have prolonged a truce on even steeper tariff will increase that started in Could when Trump and Xi agreed to permit time to work on a framework for resolving commerce tensions.
Gross sales of pc chips to China
Trump mentioned he mentioned U.S. gross sales of pc chips to China. Trump and former President Joe Biden had imposed restrictions on entry to probably the most superior chips comparable to these used for synthetic intelligence.
China will communicate with Silicon Valley chipmaker Nvidia about buying their pc chips, he mentioned.
That gained’t embody its next-generation Blackwell AI chip, he mentioned, “however a number of the chips.”
“We make nice chips,” Trump advised reporters on Air Drive One. “Nvidia’s the chief.”
U.S. soybeans and different farm exports
Trump mentioned the Chinese language aspect has dedicated to purchasing “an incredible quantity” of American soybeans, sorghum and different farm merchandise.
The Chinese language aspect didn’t present any particulars, however U.S. Treasury Secretary Scott Bessent later mentioned China had agreed to purchase 25 million metric tons of U.S. soybeans yearly as a part of the settlement. China will begin by buying 12 million metric tons of soybeans from America between now and January, he mentioned.
Beijing took goal at U.S. agricultural exports quickly after Trump started saying hikes on tariffs after he returned to the White Home in January. Cutbacks in Chinese language purchases of soybeans, beef and different merchandise have hit U.S. farmers laborious.
“Farmers ought to instantly exit and purchase extra land and bigger tractors,” Trump wrote in a publish on Fact Social. “I want to thank President Xi for this!”
The U.S. soybean trade grew in response to Chinese language demand beginning again within the Nineties, when China started its speedy financial rise and turned to overseas producers to assist feed its individuals. Protein-rich soybeans are a necessary a part of the weight loss plan.
Whereas China depends on home crops for steamed beans and tofu, it wants way more soybeans for oil extraction and animal feed. In 2024, China produced 20 million metric tons of soybeans, whereas importing greater than 105 million metric tons.
There have been no particular particulars on different buy agreements.
No TikTok deal but
Beijing mentioned it’ll work with the Trump administration to resolve points associated to TikTok’s possession.
“China will work with the U.S. to correctly resolve points associated to TikTok,” China’s Commerce Ministry mentioned after Xi’s assembly with Trump.
It gave no particulars on any progress towards ending uncertainty in regards to the destiny of the favored video-sharing platform within the U.S. The Trump administration had been signaling that it might have lastly reached a cope with Beijing to maintain TikTok working there.
Uncommon earths, port charges and U.S power gross sales
Trump advised reporters that China had agreed to not tighten restrictions on exports of uncommon earths and the know-how and gear used to course of them. Trump earlier had threatened a 100% import tax due to China’s uncommon earth restrictions.
“That roadblock is gone now,” he mentioned. He mentioned Beijing had agreed to not implement for a 12 months its just lately introduced controls that had raised issues over entry to the essential minerals utilized in many industries, together with electrical automobiles and plane.
China and the U.S. likewise mentioned they’d not impose larger port charges on one another’s vessels.
In his publish on Fact Social, Trump mentioned China had agreed to start buying oil and gasoline from Alaska, including that officers could be assembly to see “if such an Vitality Deal will be labored out.”
China’s tackle the assembly
Xi famous that negotiating groups from each nations had reached a consensus, a possible reference to talks held in Malaysia final weekend, in keeping with a report on the assembly distributed by state media.
The Chinese language chief mentioned the groups ought to full follow-up work as quickly as attainable to ship tangible outcomes that can present “peace of thoughts” to China, the U.S. and the remainder of the world.
The latest twists and turns within the relationship supply classes for the U.S. and China, Xi mentioned. The U.S. and China ought to have constructive interactions on the worldwide stage that display their duty as main powers to attain constructive outcomes for his or her nations and the world, he mentioned.
“Each side ought to take the long-term perspective under consideration, specializing in the advantages of cooperation reasonably than falling right into a vicious cycle of mutual retaliation,” he mentioned, in keeping with the report.
Stressing that dialogue is best than confrontation, Xi listed a spread of points the place China and the U.S. may work collectively, together with combating unlawful immigration and telecom fraud, anti-money laundering efforts, synthetic intelligence and dealing with infectious ailments.
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Related Press writers Josh Boak, Chris Megerian, Mark Schiefelbein and different AP journalists contributed to this report.
