The meeting marked the first face-to-face encounter between the two leaders since 2019, lasting about 100 minutes on October 30. Trump described it as “amazing” and rated it “12 out of 10,” signaling a thaw in tense U.S.–China relations strained by years of trade disputes. Both sides pledged cooperation on key economic and security issues, though details of the broader framework remain vague.

Tariff Math And Timing

Trump confirmed the total tariff rate on Chinese imports will drop to 47 percent from 57 percent, including a reduction of the fentanyl-linked tariff to 10 percent from 20 percent. The measure takes effect immediately, he said, framing it as a goodwill step tied to China’s commitment to curb the flow of synthetic opioids. The announcement came after his bilateral session with Xi on the sidelines of APEC in South Korea.

Rare Earths Assurances

Trump said the “rare earths roadblock is over,” declaring the dispute “settled.” He added that China agreed to purchase “tremendous amounts” of U.S. soybeans, starting right away. The move follows weeks of tightened Chinese export controls on critical minerals and coincides with the expected expiration of a previous rare earths trade deal on November 10.

Chips And What’s Not Included

Trump said Xi would arrange talks with Nvidia CEO Jensen Huang, while the U.S. would act as a “referee.” He emphasized that Nvidia’s Blackwell AI chip remains excluded from any export discussions. Semiconductor access has been one of Beijing’s top priorities, and Washington’s export restrictions remain central to U.S. leverage in the tech race.

“Amazing Meeting,” Limited Detail

Trump said he plans to visit China in April, with Xi expected to make a reciprocal visit later in the year. Chinese state media described the dialogue as “constructive,” while Xi said the countries “do not always see eye to eye.” Financial markets reacted swiftly, with Asian indexes rising as investors assessed the impact of the partial tariff rollback.