Trump cuts China tariffs, claims rare-earths breakthrough

US President Donald Trump said the United States could reach a trade deal with China “pretty soon” after talks with President Xi Jinping in South Korea on Thursday (October 30).

He announced cuts to US tariffs on Chinese imports and claimed the rare-earth access dispute was settled, while Beijing had yet to comment.

Trump told reporters after the one hour 40-minute meeting in Busan that the US would reduce headline tariffs on Chinese goods—described by US media as a move from roughly 57% to 47%—and that China would ease curbs linked to rare earths, critical for electronics and defense supply chains. He characterized the rare-earth issue as “settled,” though details were not released.

The summit—held at Gimhae Air Base next to Busan’s international airport—was the leaders’ first face-to-face since 2019 and followed weeks of brinkmanship over prospective US tariff hikes and China’s expanded export controls on key minerals. South Korean outlets had flagged the base as the likely venue ahead of the meeting.

US officials also pointed to Chinese commitments on soybean purchases and fentanyl-precursor exports, framing the talks as a step toward de-escalation. Markets and policy analysts are now watching for formal texts, timelines for tariff changes, and clarity on the scope and duration of any rare-earth arrangement. China had not issued an official readout as of publication.

One conspicuous omission was a final announcement on the forced sale of TikTok’s US operations. Despite recent claims from US officials that a deal framework was “finalized” pending leaders’ sign-off, there was no confirmation from either side on Thursday.

Analysts say Xi entered the talks with leverage after Beijing’s rare-earth moves rattled global manufacturers, while Trump sought a win on tariffs amid concerns over supply chains and inflation. Any durable accord will hinge on verification, sequencing of concessions, and enforcement—areas where previous US-China understandings have often stumbled.