The US and China have reached a comprehensive one-year agreement covering key disputes over technology, tariffs, and soybeans. The deal was struck in a meeting between President Donald Trump and President Xi Jinping.
Under the pact, the US will slash some tariffs and export controls. It will also postpone for one year a new measure that would have blocked thousands of Chinese firms from accessing US technology.
In exchange, China will purchase US soybeans. Beijing also agreed to pause any new restrictions on its export of rare earth minerals, a sector Trump had previously threatened with 100% tariffs.
Following the agreement, President Xi spoke at the APEC forum in South Korea. He championed open trade, warning against “breaking supply chains” and calling for nations to “join hands rather than letting go.”
The meeting, which Trump called “amazing,” has also led to plans for reciprocal state visits. Trump announced he will visit China in April, with Xi scheduled to visit the US at a later date.