U.S., China Reach Broad Truce to Ease Trade War
Listen to the full version
(Busan, South Korea) — U.S. President Donald Trump and Chinese leader Xi Jinping on Tuesday agreed to a broad truce in their trade conflict, with the U.S. set to lower some tariffs and suspend new restrictions in exchange for Chinese concessions on fentanyl, agriculture, and export controls.
The agreement was reached during a face-to-face meeting between the two leaders, their first since 2019, at the Gimhae Air Base in Busan that ran for 1 hour and 40 minutes, significantly longer than its scheduled one-hour slot. The use of simultaneous interpretation equipment, indicated by headsets on the conference table, appeared to facilitate a more extensive discussion.
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.
- RELATED
- DIGEST HUB
Digest Hub
Back
- Trump and Xi reached a trade truce: the U.S. will lower its fentanyl tariff on Chinese goods from 20% to 10%, with total tariffs dropping to 47% from 57%.
- China will address fentanyl trafficking, resume U.S. agricultural purchases, and both sides will pause new restrictions for one year.
- The agreement covers rare earths, shipbuilding, Nvidia chip access (excluding the Blackwell series), and cooperation on Ukraine.
- Nvidia Corp.
- Nvidia Corp. is a company whose chips were a topic of discussion between U.S. President Donald Trump and Chinese leader Xi Jinping. Market access for Nvidia's chips was discussed, with Trump indicating that access would not extend to the company's most advanced Blackwell series. Trump plans to speak further with Nvidia's CEO Jensen Huang.
- TikTok
- The article mentions that the U.S. and China reached a consensus on properly resolving issues related to TikTok, indicating it was part of broader discussions on corporate cases and prior commitments.
- PODCAST
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新