Trump, Xi Signal Fentanyl Tariff Relief at APEC

The Trump–Xi meeting on the sidelines of APEC in South Korea produced a conciliatory reset, with both leaders signaling possible tariff relief tied to Chinese cooperation on fentanyl control and Trump suggesting cutting the 20% fentanyl tariff toward 10%. The leaders also discussed rare earths and agreed to enhance cooperation to stabilize supply chains, though analysts warned China still dominates high-end refining and retains leverage. Semiconductors remained a flashpoint: Trump said chips were discussed and markets speculated about Nvidia’s Blackwell, but he later said Blackwell was not on the table even as Nvidia shares rallied. Commentators offered divergent views on whether to relax chip restrictions, highlighting the debate over U.S. technology policy and industrial responses. Observers cautioned the change in tone may not amount to a substantive breakthrough, with tariffs and export controls still “in play” and key details and enforcement left unclear.