TL;DR: At the APEC Summit in Busan, President Trump and Chinese President Xi Jinping held their first in-person meeting since 2019, agreeing to a one-year trade truce with tariff cuts and new commitments on agriculture, rare earths, and fentanyl cooperation. Trump called it a “great meeting for both our countries,” while analysts viewed it as a cautious pause in tensions rather than a breakthrough.
What Happened
- President Donald Trump and Chinese President Xi Jinping met on October 30, 2025, in Busan, South Korea, during the APEC Summit, their first face-to-face meeting since 2019.
- The 100-minute meeting focused on trade, economic cooperation, and de-escalation after years of U.S.-China tension.
- Trump described it as a “G2 meeting” and said it was “a great one for both of our countries”, adding it would bring “everlasting peace and success.”
- Xi said the U.S. and China should be “partners and friends” and “get many great things done for the world.”
Key Agreements
- Tariffs: U.S. agreed to cut tariffs on Chinese imports from 57% to 47% for one year; deal to be reviewed annually.
- Agriculture: China pledged to resume large-scale soybean purchases from U.S. farmers.
- Rare Earths: China will suspend export restrictions on rare earth minerals vital for U.S. technology sectors.
- Fentanyl: China promised tighter enforcement on fentanyl-related exports.
- Technology: Discussions included tech exports, TikTok, and supply chains, but no binding agreements were announced.
- Taiwan: Not discussed during this meeting.
Reactions
- Trump: Called the meeting “amazing,” rating it a “12 on a scale of 10.”
- Markets: Reacted with moderate optimism; tariff cuts eased pressure on tech and manufacturing sectors.
- Experts: Described the deal as a “fragile truce”, warning it did not resolve deeper issues like intellectual property or tech rivalry.
- Global Response:
- Positive: U.S. farm groups and markets welcomed the tariff relief.
- Skeptical: EU and India voiced concern over being sidelined by Trump’s “G2” framing.
- Critical: Some U.S. officials called the concessions overly generous to Beijing.
Outlook
- Both sides agreed to continue high-level and lower-level talks on trade, defense, and law enforcement.
- Analysts view the Busan meeting as a temporary easing of tensions, not a structural reset in U.S.-China relations.