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U.S. President Donald Trump and Chinese language President Xi Jinping react as they maintain a bilateral assembly at Gimhae Worldwide Airport, on the sidelines of the Asia-Pacific Financial Cooperation (APEC) summit, in Busan, South Korea, October 30, 2025.
Evelyn Hockstein | Reuters
President Donald Trump and President Xi Jinping reached a commerce truce throughout a high-stakes assembly in South Korea on Thursday, de-escalating a dispute over uncommon earth parts that had threatened to push the world’s two largest economies right into a full-blown commerce warfare.
China has agreed to pause for one 12 months the sweeping export controls on uncommon earths introduced on Oct. 9 that had touched off the dispute.
Trump informed reporters aboard Air Drive One which the uncommon earths settlement is a one 12 months deal that can be “very routinely prolonged as time goes by.” The president mentioned he plans to go to China in April and Xi will come to the U.S., both Palm Peach, Florida or Washington D.C., at a later date
“Now we have a deal,” Trump mentioned. “Now, yearly we’ll renegotiate the deal, however I believe the deal will go on for a very long time, lengthy past the 12 months. However all the uncommon earth has been settled, and that is for the world.”
Trump mentioned he lower tariffs efficient instantly on China associated to fentanyl to 10% from 20% beforehand. This reduces the general fee on Chinese language items to round 47%, the president informed reporters. Trump had beforehand threatened the slap China with 100% tariffs on Nov. 1 over its uncommon earth controls.
The U.S. has additionally agreed to postpone a rule introduced on Sept. 29 that blacklisted majority-owned subsidiaries of Chinese language corporations on an entity listing, based on a press release from China’s Ministry of Commerce after the assembly.
What’s unclear: Nvidia chips, TikTok
Different points of the deal are much less agency. Trump mentioned he mentioned the export of Nvidia chips with Xi and can converse with CEO Jensen Huang about it. However it’s as much as China and Nvidia to achieve a deal, the president mentioned.
“I mentioned that is actually between you and Nvidia, however we’re type of the arbitrator,” Trump mentioned on Air Drive One.
China’s Ministry of Commerce mentioned Beijing will work with the U.S. to “resolve points associated to TikTok,” although no additional element was supplied. Trump didn’t point out TikTok throughout his feedback to reporters aboard Air Drive One or in a Fact Social submit in regards to the truce with China.
Trump mentioned Beijing has agreed to buy massive quantities of a soybeans, sorghum and different farm merchandise although it’s unclear how a lot.
And China might also purchase a considerable amount of oil and gasoline from Alaska, the president mentioned. However a deal nonetheless must be reached. Power Secretary Chris Wright and Inside Secretary Doug Burgum will meet with Chinese language officers to see if such an settlement will be labored out, Trump mentioned.
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