Trump cuts China tariffs after promises from Xi on rare earths, soybeans

President Trump announced significant trade concessions from Chinese leader Xi Jinping following a meeting in South Korea. In exchange for commitments to buy U.S. soybeans, allow rare earth mineral exports, and crack down on fentanyl, Trump agreed to lower tariffs on Chinese goods. This trade truce between the two largest economies will likely be welcomed by businesses, investors, and consumers globally. Trump stated that tariffs would be reduced from 57% to 47%, and the rare earth dispute was settled. The meeting, which lasted nearly two hours, began amicably with both leaders expressing positive sentiments. Despite cameras being withdrawn without remarks, Trump later detailed the agreements to reporters. He also indicated plans for reciprocal visits to Beijing and the U.S. Trump had previously announced other trade agreements in Asia and a controversial intention to resume nuclear weapons testing. The key question remains whether these agreements are lasting, particularly concerning rare earth minerals, soybeans, fentanyl, and tech export restrictions. Trump has avoided imposing a threatened 100% tariff on Chinese goods for now; however, U.S. reliance on China for rare earths persists, making diversified supply chains crucial.