BUSAN — The United States and China were reported to have reset their economic ties after Donald Trump and Xi Jinping held their first in-person meeting since 2019. Both leaders projected renewed cooperation, with Trump announcing a tariff cut on Chinese goods tied to fentanyl production from 20% to 10%.
business takeaways
China agreed to resume large-scale purchases of American soybeans and other farm products, while both sides committed to ensuring a steady flow of rare earths and critical minerals. Energy cooperation talks, possibly involving oil and gas exports from Alaska, were also planned.
The summit was viewed as a de-escalation after years of tariff wars and tech disputes, offering investors a brief sense of relief.
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