Trump and Xi agree to reduce tariffs, stop new trade restrictions on rare earths
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Trump announced a new economic and trade agreement with China after meeting Chinese President Xi Jinping in the Republic of Korea. The White House released the full terms. The deal is meant to de-escalate the trade fight between both countries. It includes lowered U.S. tariffs, large Chinese purchases of American farm goods, and China reversing several export control and retaliation measures. Trump said the move will “reset the terms of trade” and shift how both countries manage critical supply chains and controlled materials. The deal also pauses China’s planned restrictions on rare earth minerals and magnets. Those materials are required for chipmaking, EV motors, renewable power equipment, and weapons manufacturing. China will issue general licenses to allow exports of rare earths, gallium, germanium, antimony, and graphite to U.S. companies and suppliers. The White House said this reverses Chinese controls announced in April 2025 and October 2022. Trump described the outcome as “a necessary step to stop market pressure tactics.” China suspends export controls and trade retaliation China will halt the global rollout of the new export controls it announced on October 9, 2025. It will also stop retaliation taken since March 4, 2025. That retaliation included tariffs on U.S. soybeans, wheat, corn, cotton, sorghum, pork, beef, chicken, dairy, fruits, vegetables, and aquatic products. China will also lift non‑tariff moves such as placing American firms on “unreliable entity” lists. Officials said the lists blocked companies from government procurement and domestic contracts. China will buy at least 12 million metric tons (MMT) of U.S. soybeans in the last two months of 2025, and at least 25 MMT each year in 2026, 2027, and 2028. China will also resume purchases of U.S. sorghum and hardwood logs. The White House said the volume commitments are tied to supply chain stabilization and market dependability. China…
Filed under: News - @ November 2, 2025 11:25 am