Trump Announces Rare Earth Deal With China, China to Resume US Soybean Purchases

President Donald Trump announced on social media that he has approved South Korea's construction of a nuclear-powered submarine, a significant move that would elevate Seoul to a select group of nations with such technology. The submarine is to be built in a Philadelphia shipyard, although South Korean officials have not confirmed detailed discussions about this plan, and there are questions regarding the shipyard's capacity for submarine construction. During a meeting aboard Air Force One, Trump also declared that the U.S. and China had resolved their dispute over rare earth element export controls, with China agreeing to suspend these controls for a year, which is vital for various American industries. The agreement includes the U.S. suspending its own export control rules temporarily, and both countries have expressed a willingness to negotiate further annually. Trump's Asia tour also included securing a trade deal with South Korea involving significant U.S. investments and a deal with Japan on rare earth mining and processing. Despite optimism, analysts note that the durability of these agreements remains uncertain amid ongoing geopolitical competition between the U.S. and China.