US, China Cut Tariffs After Trump-Xi Summit
In a significant de-escalation of trade tensions, U.S. President Donald Trump and Chinese leader Xi Jinping reached a new agreement in Busan, South Korea, on October 30, 2025, leading to a reduction in U.S. tariffs on Chinese goods from 57% to 47%. This breakthrough includes China's commitment to export critical rare earth elements and significantly increase purchases of U.S. agricultural products, while the U.S. reciprocated by lowering tariffs on fentanyl-related chemicals, contingent on China curbing their flow.