Trump Xi Secure One-Year Trade Truce With Tariff Cuts South Korea

President Donald Trump and Chinese leader Xi Jinping met in South Korea to announce a significant trade truce aimed at stabilizing strained U.S.-China economic relations. The agreement includes the U.S. reducing tariffs on Chinese imports, including chemicals related to fentanyl production, from 57% to about 47%, while China agreed to resume purchasing American soybeans and lift restrictions on rare earth mineral exports critical for technology and defense manufacturing. Both leaders framed the meeting as a breakthrough, with Trump rating it a "12" out of 10 and describing the deal as a framework for a long-term partnership meant to be renewed annually. They also agreed to reciprocal visits in 2025, signaling a potential thaw after years of escalating tension and trade disputes. Despite the optimism, observers and officials acknowledge that deeper divisions remain, particularly around technology competition and geopolitical issues, indicating this is a temporary truce rather than a resolution of fundamental differences. The deal reduces immediate risks of trade conflict and opens channels for further dialogue and cooperation.