President Donald Trump hailed his meeting with Chinese President Xi Jinping as “an amazing meeting,” describing a string of new trade understandings that he said could reset one of the most consequential relationships in the world. Speaking aboard Air Force One after leaving South Korea for Washington, Trump said, “Zero to 10, with 10 being the best, I’d say the meeting was a 12. A lot of decisions were made … and we’ve come to a conclusion on very many important points.”
The U.S. will lower the overall tariff rate on Chinese imports from 57% to 47%, following what Trump called “significant progress” on soybeans, fentanyl, and rare earth exports. “There is no road block at all on rare earth,” he added. “Hopefully, that will disappear from our vocabulary for a little while.”
China’s Commerce Ministry confirmed after the summit that Beijing will suspend its latest rare earth export controls and waive special port fees on U.S. vessels, while Washington will pause its own port fees on Chinese ships for a year. The moves signal a cautious truce in a trade war that has defined much of the economic landscape between the two powers.
Trump said he and Xi reached new agricultural agreements to restart large-scale soybean purchases, halted in May when Beijing stopped buying U.S. crops amid tariff escalations.
“We’re in agreement on so many elements — large amounts, tremendous amounts of the soybeans and other farm products are going to be purchased immediately, starting immediately,” Trump said, promising relief for farmers who have been sitting on billions in unsold goods.
China’s Commerce Ministry called the adjustments “corresponding” measures aimed at restoring balance after months of heightened tension. The decision to ease rare earth restrictions — in a sector where China dominates global production — was widely read as a signal of goodwill, one that could calm markets rattled by fears of further escalation.
Before the meeting in Busan, Trump added a harder edge to his message, announcing that he had instructed the Department of Defense to “immediately” begin nuclear weapons testing “on an equal basis,” citing weapons advancements by Russia and China. The statement, delivered hours before his summit with Xi, underscored the complex balance of rivalry and rapprochement now defining U.S.–China relations.
Trump said he would visit China in April, with Xi set to travel to the United States later in the year. “I’ll be going to China in April, and he’ll be coming here sometime after that, whether it’s in Florida, Palm Beach, or Washington, D.C.,” Trump told reporters.
The Busan talks marked the first in-person encounter between the two leaders since the 2019 G20 summit in Osaka, Japan. Trump summed up the encounter in his own words: “It was an amazing meeting.”
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