A summary of agreements between US and China during their Mmeeting at Busan, South Korea, Oct 2025
The meeting between US President Donald Trump and Chinese President Xi Jinping on October 30, 2025, resulted in a set of agreements focused on trade, supply chain stability, and the fentanyl crisis. These outcomes collectively constitute a one-year trade truce, designed to cool tensions between the world’s two largest economies.
1. Tariffs and trade truce
2. Rare earth minerals (supply chain)
China agreed to a one-year delay on its recently announced export restrictions covering rare earth minerals and related processing technologies. The deal involves China issuing general licenses for exports of rare earths and other critical minerals (including gallium, germanium, antimony, and graphite) to U.S. end-users.
3. Fentanyl crisis cooperation
- China’s pledge: China promised to take significant measures to crack down and control the flow of precursor chemicals used to manufacture the deadly opioid fentanyl into the United States.
- U.S. consideration: The US tariff reduction (the 10-percentage-point cut) was directly linked to China’s commitment to the fentanyl issue.
4. Agricultural purchases
China confirmed its commitment to significantly increase purchases of U.S. farm products, specifically agreeing to resume purchasing massive amounts of U.S. soybeans immediately. The commitments included specific volumes for late 2025 and ongoing purchases of at least 25 million metric tons (MMT) annually for the next three years (2026-2028).
5. Technology companies
China agreed to end its retaliation and drop investigations into several major U.S. semiconductor and technology companies, including Qualcomm, Broadcom, Intel, and Nvidia.
Note on TikTok: While there was no formal, signed agreement announced, both sides acknowledged progress. US officials indicated that China had approved a framework for transferring ownership of the company away from its Chinese parent company, ByteDance, to resolve the national security concerns.
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