Busan, Oct 31 (V7N) — After six years, U.S. President Donald Trump and Chinese President Xi Jinping met face-to-face in Busan, South Korea, in a landmark meeting that eased tensions between the two global powers and cooled the ongoing trade war. Trump described the discussions, held on Thursday, October 30, as “extraordinary,” highlighting breakthroughs on critical trade issues.

The meeting addressed long-standing disputes over rare earth minerals, with China agreeing to lift certain export restrictions and the U.S. reducing the so-called fentanyl tariffs from 20 percent to 10 percent, lowering overall tariffs from 57 percent to 47 percent. Trump confirmed that China also agreed to purchase soybeans from the U.S., with the rare earth agreement set for annual renewal.

Trump stated that discussions on Ukraine also took place, with both countries pledging to explore joint efforts. While the issue of Taiwan was not raised, he acknowledged China’s significant oil imports from Russia, which were not discussed in detail during the meeting.

Chinese state media reported that preliminary consensus on key economic issues had been reached during recent discussions in Kuala Lumpur, setting the stage for the leaders’ face-to-face talks. Xi emphasized that differences between the world’s two largest economies are natural, comparing their bilateral relations to a sea voyage that requires careful navigation.

The meeting lasted one hour and forty minutes, shorter than the three-to-four-hour expectation, yet Trump described it as “a 12 out of 10 on a scale of one to ten.” He added that the rare earth dispute was fully resolved and hailed the agreement as significant not only for the U.S. but for the global economy.

Analysts noted that the Busan meeting marked a shift from recent tensions, which saw China threatening significant export restrictions on rare earth minerals essential for smartphones, electric vehicles, and military hardware, and Trump responding with potential tariffs of up to 100 percent.

The leaders concluded the meeting with a handshake, and Trump immediately returned to Washington aboard Air Force One, describing Xi’s commitment to controlling fentanyl production as “very important.” Xi reiterated the need for both nations to act as cooperative partners and emphasized the responsibility of the U.S. and China to work together for global welfare.

This summit represents the first direct in-person engagement between the two presidents since 2019, following years of phone calls and correspondence. The meeting is seen as a positive step toward stabilizing U.S.-China economic relations amid persistent global trade uncertainties.

END/WD/SMA/