{"id":11984,"date":"2025-10-30T12:34:51","date_gmt":"2025-10-30T09:34:51","guid":{"rendered":""},"modified":"2025-10-31T17:04:46","modified_gmt":"2025-10-31T14:04:46","slug":"trump-and-xi-reach-limited-agreement-on-tariffs-and-soybeans-but-comprehensive-deal-remains-elusive","status":"publish","type":"post","link":"https:\/\/harici.com.tr\/en\/trump-and-xi-reach-limited-agreement-on-tariffs-and-soybeans-but-comprehensive-deal-remains-elusive\/","title":{"rendered":"Trump and Xi reach limited agreement on tariffs and soybeans, but comprehensive deal remains elusive"},"content":{"rendered":"

US President Donald Trump announced<\/a><\/span> on Thursday that following a highly anticipated meeting with Chinese President Xi Jinping, he agreed to reduce tariffs on Chinese goods in exchange for China purchasing American soybeans and maintaining the flow of rare earth minerals.<\/p>\n

However, the talks held during the APEC summit in South Korea concluded without a comprehensive trade agreement, and Trump acknowledged that negotiations between the rival powers “will continue for a long time.”<\/p>\n

“I imposed a 20% tariff on China because of fentanyl entering the country,” Trump told reporters on Air Force One as he departed from Busan after his meeting with Xi, referring to the drug epidemic sweeping the US. “Based on their announcements today, I have reduced that tariff by 10%,” he added.<\/p>\n

Trump also stated that American concerns regarding the supply of rare earth minerals have been addressed. He said a trade deal could be signed “very soon” but would be renegotiated annually. He also mentioned that China’s purchases of US soybeans, which had been halted for the entire year, would resume ‘immediately’ and in “enormous quantities.”<\/p>\n

‘China’s development and the vision to make America great again are compatible’<\/strong><\/p>\n

The Chinese side has not yet released its statement regarding the meeting.<\/p>\n

At the beginning of the summit, Xi told<\/a><\/span> Trump that the superpowers “should be partners and friends.”<\/p>\n

“History has taught us this, and reality requires it,” Xi said. He added that relations between the two countries have “remained generally stable,” emphasizing that “it is normal to have friction from time to time.”<\/p>\n

“China’s development and renewal are not incompatible with President Trump’s goal to ‘Make America Great Again’,” Xi stated. “I am ready to continue working with you to build a solid foundation for US-China relations and create a healthy environment for the development of both countries,” he added.<\/p>\n

Xi later noted that Trump was “enthusiastic about resolving various regional issues” such as Gaza and the Thailand-Cambodia dispute, and called for bilateral cooperation to “achieve more important, practical, and beneficial things” for China, the US, and the world.<\/p>\n

Trump plans to visit China in April<\/strong><\/p>\n

In his opening remarks, Trump praised Xi as a “great leader of a great country” and said they would have a “great relationship for a long time.”<\/p>\n

According to Chinese state television CCTV, Trump and Xi, meeting face-to-face for the first time in six years, spoke for about one hour and 40 minutes. Video footage from the conference room showed officials such as Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, and Commerce Secretary Howard Lutnick alongside Trump, while Xi was accompanied by Cai Qi, a member of the powerful Politburo Standing Committee, Foreign Minister Wang Yi, and Vice Premier He Lifeng.<\/p>\n

Trump said after the meeting that he plans to visit China in April and will host Xi in the US at a later date.<\/p>\n

“It was a great meeting,” Trump told reporters on Air Force One shortly after departing from Busan, rating the meeting “a 12 out of 10.”<\/p>\n

Trade negotiations<\/strong><\/p>\n

Trump’s tariff policies have faced resistance from China this year, fueling a trade war that has encompassed rare earth elements, soybeans, artificial intelligence chips, and TikTok.<\/p>\n

Despite a ceasefire on tariff hikes maintained through multiple rounds of negotiations, relations have been particularly volatile over the past month.<\/p>\n

China announced it would implement comprehensive export controls on rare earth elements and other products, some of which will take effect on November 8. Trump responded by threatening to add another 100% tariff on Chinese goods. Both sides have imposed new port fees on each other’s ships.<\/p>\n

Tensions appeared to have eased in recent days after American and Chinese trade representatives met in Kuala Lumpur over the weekend. There, they reached a “framework” agreement, or what China termed a “preliminary consensus,” to address trade issues.<\/p>\n

On Wednesday, Trump had announced his intention to lower the fentanyl tariff on China. According to US media, he had also indicated that granting China access to Nvidia’s advanced Blackwell AI chip was on the table, but he stated in his remarks on Thursday that this high-end chip was not discussed in the talks.<\/p>\n

Nvidia’s market capitalization reached a record $5 trillion on Wednesday.<\/p>\n

The Chinese side remained silent about the meeting, with its foreign ministry only stating on Wednesday that Xi and Trump would discuss “matters of common interest.”<\/p>\n

Many had expected the presidents to extend the tariff ceasefire, which is set to expire on November 10. Trump, as he has done many times before, reiterated on Wednesday that he was confident he could make a “good deal” with Xi.<\/p>\n

Global stock markets rose in anticipation of positive outcomes from the Trump-Xi summit, and China’s benchmark Shanghai Composite Index reached a 10-year high on Wednesday. However, some analysts believe that regardless of the outcome, trade tensions will re-escalate as the economic competition between the superpowers intensifies.<\/p>\n

The US president departed from South Korea, the final stop on his Asian tour, after the meeting. Xi will remain in South Korea until Saturday to attend the APEC leaders’ meeting and is expected to hold a bilateral meeting with the new Japanese Prime Minister Takaichi on Friday.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

US President Donald Trump announced on Thursday that following a highly anticipated meeting with Chinese President Xi Jinping, he agreed to reduce tariffs on Chinese goods in exchange for China purchasing American soybeans and maintaining the flow of rare earth minerals. 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