30.10.2025 09:03
U.S. President Donald Trump and Chinese President Xi Jinping met in Busan, South Korea, after a six-year hiatus. Following the meeting, Trump announced that tariffs would be reduced from 57% to 47%. An agreement was also reached regarding precious metals. It is stated that prices in the technology and raw materials sectors could decrease as a result of these agreements.
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Chinese President Xi Jinping met with U.S. President Donald Trump in Busan, South Korea, this morning. This meeting was the first face-to-face encounter between the two leaders since Trump resumed office earlier this year.
HE HIGHLIGHTED CHINA'S DEVELOPMENT
At the beginning of the meeting, Xi emphasized that China and the U.S. should be "friends and partners." He stated that "China's development does not contradict the U.S. vision of 'making America great again,'" noting that the tensions that occasionally arise between the two countries are "natural," but that the leaders have a responsibility to keep the relationship on the right track. Xi also expressed, "China and the U.S. can work together to do concrete and beautiful things for the benefit of both countries and the world."
"I BELIEVE WE WILL ESTABLISH A FANTASTIC RELATIONSHIP"
U.S. President Donald Trump described Xi as "the great leader of a great country" during the meeting, expressing his belief that a strong long-term cooperation would be established between the two countries. "President Xi and I have reached agreements on many issues, and I hope to reach even more agreements in this meeting. I believe we will establish a fantastic relationship in the long run," he said.
HIGH-LEVEL NAMES FROM BOTH SIDES ATTENDED
In the meeting in Busan, the Chinese delegation included President Xi, Foreign Minister Wang Yi, Vice Premier He Lifeng, Chairman of the National Reform and Development Commission Zheng Shanjie, and Minister of Commerce Wang Wentao. Accompanying President Trump from the U.S. delegation were Secretary of State Marco Rubio, Secretary of the Treasury Scott Bessent, and Secretary of Commerce Howard Lutnick.
CUSTOMS DUTIES ARE BEING REDUCED TO 47%
After the meeting, important steps were announced to reduce the trade tension between the two countries. Trump announced that the general customs duties applied to China would be reduced from 57% to 47%. He also stated that the tax on fentanyl imports would be lowered to 10% and that restrictions on rare earth elements would be lifted.
SIGNAL OF A NEW ERA
It was also reported that the U.S. and China would start discussions on chip technologies with Nvidia and that they had agreed on a joint working plan regarding the Ukraine issue. Trump indicated a new era by stating, "This is just the beginning; a trade agreement is on the way."
AGREEMENT ON RARE EARTH ELEMENTS REACHED
It was announced that the U.S. and China had reached a one-year trade agreement on rare earth elements and critical minerals. It was stated that the agreement would be renegotiated and updated each year.
These developments are seen as a diplomatic easing in the increasingly strained U.S.-China trade relations in recent years. Markets anticipate that the reduction of tensions, especially in the technology and raw materials sectors, could positively reflect on prices.
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