Trump, Xi Announce Trade Truce, Tariff Rollbacks

President Trump and Chinese leader Xi Jinping met in Busan and announced a narrow trade truce that includes tariff rollbacks and reciprocal commitments. The U.S. will cut a 20% fentanyl‑related tariff on Chinese goods to 10%, and Beijing pledged to curb shipments of fentanyl precursors and resume large purchases of U.S. soybeans. Beijing agreed to suspend recently tightened rare‑earth export controls for one year, while Washington rolled back certain trade restrictions on subsidiaries of blacklisted Chinese firms. Officials said remaining disputes over technology export limits, semiconductors and apps such as TikTok will be handled in follow‑on negotiations, with no comprehensive final pact and detailed implementation to be worked out in coming months. Markets reacted cautiously—Chinese shares rose then pulled back—and analysts warned the accord leaves deeper structural issues unresolved. The deal was driven in part by China’s weak manufacturing data (official PMI 49 in October) and was aided by prior private diplomacy, even as U.S. domestic political challenges may complicate follow‑through.