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Akbar Novruz

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US President Donald Trump and Chinese leader Xi Jinping concluded a high-profile meeting in Busan, South Korea, aimed at resolving key disputes in the ongoing trade war and setting the stage for a broader dialogue between the world’s two largest economies, Azernews reports.

According to reports, the talks covered a wide range of issues, including tariff reductions, soybean purchases, rare earth exports, and fentanyl production. Speaking to reporters aboard Air Force One, President Trump described the meeting as “great,” emphasizing that “many important issues” had been agreed upon.

As part of the preliminary understanding, Trump announced that the United States would reduce tariffs on Chinese imports by 10 percent, while China would resume large-scale purchases of American soybeans — a move Beijing had halted in May in response to US tariffs. He also revealed that China agreed to lift restrictions on the flow of rare earth elements, a critical component in global manufacturing and technology supply chains.

“The rare earth issue is completely resolved and it applies to the whole world … There is no more obstruction from China,” Trump said, calling the outcome a major breakthrough.

The two leaders also discussed Russia’s ongoing war against Ukraine, with Trump noting that both sides agreed to “work together” on the issue, though he added that “sometimes you have to let them fight.”

Before the meeting, Trump had announced that he instructed the Pentagon to lift the moratorium on US nuclear weapons testing, stating that Washington needed to “keep up with other nuclear powers.” He said the United States had “more nuclear weapons than any other country,” ranking Russia second and China a distant third, but predicted that the gap would narrow within five years.

Chinese officials have not yet released an official statement regarding the discussions. The meeting, which lasted about two hours, marked the first face-to-face encounter between Trump and Xi since 2019, and was held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit.

Trump concluded his Asian tour — which also included visits to South Korea, Japan, and several Southeast Asian nations — by highlighting what he called “significant progress” in trade cooperation and regional economic ties.

US officials later confirmed that, under the new framework agreed with China, plans to impose a 100 percent tariff on Chinese goods would be suspended, while export restrictions on rare earth elements would be delayed, signaling a cautious but notable thaw in US-China economic relations.