Trump, Xi Reach One-Year Trade Deal, US Says

The White House released a fact sheet saying President Trump and Chinese leader Xi Jinping agreed to a one‑year trade pact at their APEC meeting in Busan under which, Washington says, China will suspend recent export controls on rare earths, issue general licenses for rare earths, gallium, germanium, antimony and graphite, resume chip production at Nexperia’s Chinese facilities and end investigations into U.S. semiconductor firms. In return, the White House said it will pause or roll back several tariff measures — including halting a planned 100% tariff and cutting a fentanyl‑related tariff to 10% — and the pact includes large Chinese purchases of U.S. farm goods (about 12 million tonnes this season and at least 25 million tonnes annually for the next three years). The administration said the measures aim to stabilize supply chains for critical tech components and ease global market strains. Beijing had not immediately confirmed all White House claims; China’s commerce ministry blamed the Netherlands over Nexperia‑related export curbs and said it may consider exemptions. U.S. and Chinese defense leaders also agreed to reestablish military‑to‑military channels to “deconflict and deescalate” after meetings involving U.S. official Pete Hegseth and China’s Admiral Dong Jun.