President Trump hailed his face-to-face meeting with Chinese President Xi Jinping as "amazing" and announced several concessions, including a reduction of fentanyl-related tariffs on China from 20% to 10%. The meeting took place in South Korea's Busan city during the Asia-Pacific Economic Cooperation summit.
Trump stated that he and Xi have agreed on several key issues, including a pause on Beijing's export controls on critical rare earth minerals. He also declared that China has agreed to purchase "tremendous amounts" of US soybeans and other farm products immediately.
Trump plans to visit China in April next year and later receive a reciprocal visit from Xi. The two countries have also agreed to cooperate on energy issues, with Trump stating that a large-scale transaction may take place concerning the purchase of oil and gas from Alaska.
However, discussions on key trade issues remain ongoing, as the president acknowledged that there are "many things" still needing to be resolved. The war in Ukraine was discussed briefly during the meeting, but neither side made any commitments on addressing the conflict.
Semiconductor industry experts noted that details on chips were limited, with Trump stating only that discussions took place and Nvidia would work with China on potential deals. In a statement, US Trade Representative Jamieson Greer clarified that certain chip exports to China remain restricted.
The pace of a trade deal between the US and China remains uncertain. Trump expressed confidence that a deal can be reached "pretty soon" but emphasized that renegotiations are likely to occur annually.
Trump stated that he and Xi have agreed on several key issues, including a pause on Beijing's export controls on critical rare earth minerals. He also declared that China has agreed to purchase "tremendous amounts" of US soybeans and other farm products immediately.
Trump plans to visit China in April next year and later receive a reciprocal visit from Xi. The two countries have also agreed to cooperate on energy issues, with Trump stating that a large-scale transaction may take place concerning the purchase of oil and gas from Alaska.
However, discussions on key trade issues remain ongoing, as the president acknowledged that there are "many things" still needing to be resolved. The war in Ukraine was discussed briefly during the meeting, but neither side made any commitments on addressing the conflict.
Semiconductor industry experts noted that details on chips were limited, with Trump stating only that discussions took place and Nvidia would work with China on potential deals. In a statement, US Trade Representative Jamieson Greer clarified that certain chip exports to China remain restricted.
The pace of a trade deal between the US and China remains uncertain. Trump expressed confidence that a deal can be reached "pretty soon" but emphasized that renegotiations are likely to occur annually.
. So, it sounds like Trump just made some pretty big concessions on fentanyl-related tariffs and rare earth minerals, which is a total game-changer for China's economy. But at the same time, there are still so many unanswered questions about what's really going down between these two superpowers.
And what about those energy deals? Are we talking actual oil and gas sales from Alaska here or just more lip service?
... On one hand, it's a big step forward for US-China relations if they can agree on some stuff 
. Reducing fentanyl-related tariffs is definitely a win for China and could open up more trade opportunities 
. But at the same time, I'm a bit skeptical about the lack of concrete progress on key trade issues 
... We all know how complex these negotiations are, but it feels like we're taking two steps forward and then one step back 
.
... That's such a pressing issue and I wish our leaders could focus more on finding solutions rather than just making nice talk 
. And what about the semiconductor industry? It feels like we're playing catch-up with China and it's not clear how US companies will be able to keep up 
.
... I'm keeping my fingers crossed for a successful trade deal, but we'll have to wait and see 
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20% to 10% on fentanyl-related tariffs yeah cause that'll make all the difference 
. The soybean deal sounds like a sweetener to get the ball rolling 
. I'm all for more US-China cooperation on energy issues - our addiction to oil is killing us 
. And that Alaskan oil and gas deal? Fingers crossed 
. The pace of a trade deal remains uncertain, but Trump's optimism is... well, it's something 
. Let's see what really goes down in April next year 
.