Trump and Xi Forge Trade Truce: Tariff Reductions and Soybean Commitments
U.S. President Donald Trump and China's Xi Jinping have taken measures to ease their trade war, with both sides agreeing to tariff reductions and renewed commitments to trade goods like soybeans and crucial minerals. The agreement marks a one-year truce aimed at de-escalating tensions between the two nations.
In a significant move to de-escalate trade tensions, U.S. President Donald Trump and Chinese President Xi Jinping have agreed on a series of measures to reduce tariffs and renew commitments on crucial trade items, such as soybeans and rare earth minerals.
The Trump-Xi agreement, reached in Busan, South Korea, will lead to a temporary easing of trade restrictions, with the U.S. reducing its tariffs on fentanyl-related Chinese goods from 20% to 10%. Meanwhile, China has paused its export controls on rare earth minerals for a year.
The deal is seen as crucial in extending the trade truce between the world’s largest economies for another year, underlining the evolving dynamics and interdependencies in global trade amidst ongoing geopolitical tensions.
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