The US and China have agreed to a one-year reprieve on several key trade disputes, including technology access, tariffs, and rare earths. The deal was struck after a meeting between Presidents Trump and Xi.
The US will slash some tariffs and export controls. It also agreed to postpone for one year a new measure, strongly opposed by Beijing, that would have blocked many Chinese firms from accessing US technology.
In return, China agreed to purchase US soybeans and, crucially, to pause any new restrictions on its export of rare earth minerals. This concession headed off a threatened 100% US import tax.
The successful meeting, which Trump called “amazing,” has also led to plans for mutual state visits. Trump will visit China in April, and Xi will visit the US sometime after.
Speaking at the APEC forum in South Korea, President Xi built on this momentum. He called for “genuine multilateralism” and warned against “breaking supply chains.”