President Donald Trump and Chinese President Xi Jinping concluded a high-stakes meeting in Busan, South Korea, with agreements on tariffs, rare earth exports, and fentanyl that signal a temporary easing of tensions in the U.S.-China trade war.

Key outcomes include:

• Fentanyl-related tariffs on Chinese imports cut in half, from 20% to 10%, with Trump noting that Xi is expected to intensify efforts to stop fentanyl and its precursor chemicals from entering the U.S.
• Overall U.S. tariff rate on Chinese goods reduced from 57% to 47%.
• China agreed to pause recently announced export controls on rare earth minerals for one year.

While the leaders described the summit as “amazing” and rated it highly, many details remain unclear, and other critical trade issues appear unaddressed. The meeting does not constitute a comprehensive trade deal, though Trump suggested one could be signed “pretty soon.”

This was the first face-to-face meeting between Trump and Xi in six years, lasting one hour and 40 minutes, and highlights incremental progress in managing one of the world’s most contentious trade relationships.