China to resume soybean imports from the US
In a major development following his face-to-face meeting with Chinese President Xi Jinping on Thursday, US President Donald Trump announced a 10% reduction in tariffs on Chinese goods, lowering the rate from 57% to 47%. The decision, made after their high-stakes dialogue on the sidelines of the APEC Summit, signals a possible easing of tensions between the world’s two largest economies.
Trump said the two sides also finalized a one-year renewable agreement on rare earth elements, and confirmed that China would immediately begin purchasing large quantities of US soybeans, offering a boost to American farmers.
Calling his meeting with Xi “a tremendous success,” Trump said, “I guess on a scale from 0 to 10, with ten being the best, I would say the meeting was a 12.”
The two leaders met for one hour and forty minutes in what marked their first in-person dialogue in six years, since the 2019 G20 Summit in Osaka. During the discussions, Trump said both sides also touched upon the export of advanced computer chips to China, adding that chipmaker Nvidia would soon begin talks with Chinese officials to explore potential cooperation.
Looking ahead, Trump announced that he plans to visit China in April 2026, with Xi expected to make a reciprocal visit to the United States later next year — a diplomatic exchange that could further stabilize bilateral ties.
Xi, speaking through a translator, acknowledged that “China and the US do not always see eye to eye,” but added that it is “normal for the two leading economies of the world to have frictions now and then.”
The meeting comes amid ongoing global uncertainty, with the US and China vying for dominance in manufacturing, artificial intelligence, and geopolitical influence, particularly regarding Russia’s war in Ukraine.
While Trump struck an upbeat tone, calling the session “historic,” analysts note that the long-term stability of US-China relations will depend on how both sides manage their competition in strategic and technological arenas.
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