US President Donald Trump on Thursday announced a one-year extendable deal with China on the supply of critical rare earth minerals and said he plans to visit Beijing in April next year, following what he described as an “amazing" meeting with Chinese President Xi Jinping in Busan, South Korea.
Trump also revealed that tariffs on fentanyl-linked imports from China will be cut by 10% as part of broader trade discussions aimed at easing tensions between the world’s two largest economies.
Speaking after the talks, Trump said “a lot of decisions were made" and that both sides reached key understandings on trade and cooperation. He said the two leaders agreed that President Xi would “work very hard to stop fentanyl" and that more conclusions on “very important things" would be shared soon.
Trump said the one-year rare earth agreement, to be renegotiated annually, was a major step toward stabilising global access to materials essential for electronics, electric vehicles, and defence manufacturing. “All the rare earths have been settled, and that’s for the world," he told reporters aboard Air Force One.
Outlining other trade measures, Trump said China had agreed to purchase American farm products, including soybeans, and to step up efforts to curb the illicit fentanyl trade. He added that both sides also discussed semiconductor cooperation, with China expected to hold talks with Nvidia.
Confirming that the US and China would sign the one-year trade deal, Trump said it could be extended later.
“We have not spoken about Blackwell chips," he clarified. Speaking about the Taiwan issue, Trump said it was not discussed in his meeting with Xi. “Taiwan never came up. That was not discussed, actually," he said aboard Air Force One after leaving South Korea.
US President Donald Trump on Thursday hailed his meeting with Chinese President Xi Jinping as “a great success" and announced plans to visit China in April for further discussions. “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, DC," Trump told reporters aboard Air Force One.
Reflecting on the talks held in Busan, South Korea, Trump said, “A lot of things we brought to finalisation," describing Xi as “a tremendous leader of a very powerful country." The meeting marked the first in-person talks between the two leaders in several years, as Washington and Beijing seek to ease trade tensions and strengthen bilateral cooperation.
