Trump-Xi Deal: Rare Earths Dispute ‘Settled
News Context
At a glance
- This summarizes key outcomes from a meeting between Donald Trump and Xi Jinping in Busan, South korea.
Trump-Xi Meeting in Busan – November 2023
This summarizes key outcomes from a meeting between Donald Trump and Xi Jinping in Busan, South korea.
Key Agreements & Discussions
| Area | Details |
|---|---|
| Tariffs on China | Trump cut tariffs on China by 10%,reducing them to 47% (previously 20% + 27% existing). This was linked to China’s promise to address fentanyl exports. |
| Rare Earths | China agreed to pause sweeping controls on the export of rare earths for one year. china refines 90% of the world’s supply. |
| Soybean Purchases | China agreed to resume purchases of american soybeans, after a boycott earlier in the year. The US previously sold almost half of its soybean crop to China. |
| Semiconductors | The issue of semiconductors and US restrictions on advanced microchip sales to China was discussed. Beijing will negotiate with Nvidia regarding chip sales. The Blackwell chips were not specifically discussed. |
| Fentanyl | Xi Jinping promised to “work very hard” to address the export of chemicals used to produce fentanyl. |
| Overall Tone | Xi Jinping described the US and China as “partners and friends”, acknowledging normal friction between large economies. |
Additional Data
- The meeting lasted 100 minutes.
- Trump rated the meeting a “12” on a scale of 10.
- Chinese state media reported a “consensus” on trade issues and prospects for cooperation.
Source: The Irish Times