Busan (Parliament Politics Magazine) – US President Donald Trump announced a Busan deal with Chinese President Xi Jinping to cut tariffs, boost soybean trade, and keep rare earth exports flowing.
As reported by Reuters, Donald Trump said he reached an agreement with Xi Jinping to cut tariffs in exchange for China resuming US soybean purchases, sustaining rare earth exports, and curbing fentanyl trade.
His remarks came after his first meeting with Xi Jinping in six years, held in Busan, South Korea, where Trump concluded his Asia tour, highlighting trade gains with Seoul, Tokyo, and regional partners.
What did Donald Trump announce about tariffs and China trade?
Donald Trump said his agreement with China will lower tariffs, resume US soybean purchases, maintain rare earth exports, and tackle illicit fentanyl trade.
He confirmed China will buy “tremendous” amounts of soybeans, while he lowered a 20% tariff on fentanyl shipments to 10%. A White House aide said Beijing also agreed to suspend rare earth export controls for a year.
President Trump called his meeting with Xi Jinping highly successful and said he will visit China in April for further negotiations.
Since US negotiators announced a framework with China on Sunday, President Trump has promoted the prospect of a deal that would avoid full tariffs and defer China’s rare earth export restrictions.
He stated,
“I’ll be going to China in April and he’ll be coming here sometime after that, whether it’s in Florida, Palm Beach or Washington DC.”
Mr Trump added,
“A lot of things we brought to finalisation.”
He rated the meeting a perfect 12 out of 10, saying,
“The whole relationship is very, very important.”
The president added,
“I think pretty soon. We have not too many major stumbling blocks.”
He praised Chinese President Xi, saying,
“I think we’re going to have a fantastic relationship for a long period of time.”
The US president added,
“There’s no roadblock at all on rare earths – that will hopefully disappear from our vocabulary for a little while.”
Experts warned that talks could stall over Taiwan, as Beijing seeks a clear US commitment to oppose the island’s independence.
Mr Trump said the topic did not arise during the meeting. He confirmed that Ukraine was discussed during the meeting, noting that Washington and Beijing plan to cooperate to prevent further casualties.
He added,
“We discussed working together to see if we could get that war finished. The two sides are locked in fighting, and sometimes you’ve got to let them fight I guess. Crazy.”
What did Xi Jinping say about China-US relations during talks with Trump?
At the negotiations, Xi Jinping described China and the US as “partners and friends,” while Trump praised him as a “great leader of a great country.”
He said,
“Given our different national conditions we do not always see eye to eye and it is normal for the two leading economies of the world to have friction now and again.”
Mr Jinping added,
“You and I should stay the right course.
I always believe China’s development goes hand in hand with your vision to make America great again. China and the US should be partners and friends.”
Donald Trump’s Asia trip
Donald Trump’s Asia trip in October 2025 began in Malaysia, where the president attended the ASEAN summit and engaged in diplomatic meetings.
The trip involved meetings with leaders from multiple countries. The publicly reported discussions and signings were with the leaders of Malaysia, Cambodia, Thailand, Vietnam, and China.
During his visit, he made announcements of several deals, including historic peace accords between Cambodia and Thailand, and a meeting with Xi Jinping to lower tariffs on Chinese goods.