The United States will slash some tariffs and export controls as part of a new one-year trade agreement with China. The deal, sealed by Presidents Trump and Xi, also sees Beijing pausing new curbs on rare earth exports.
President Trump confirmed China’s commitment not to tighten restrictions on the critical minerals, a move that averts his previous threat of a 100% import tax. China also agreed to purchase US soybeans.
A significant part of the deal for Beijing was a US agreement to postpone a new technology measure for one year. This rule, which China strongly opposed, would have barred many Chinese firms from accessing US tech.
President Trump called his meeting with Xi “amazing” and announced plans to visit China in April, with Xi reciprocating with a visit to the US later.
Speaking after the meeting at the APEC forum in South Korea, President Xi championed open trade. He called on nations to “join hands” and safeguard global supply chains.