In a one hour forty minutes-long meeting in Busan, South Korea, during the APEC summit, U.S. President Donald Trump and Chinese President Xi Jinping agreed on key trade and diplomatic measures aimed at easing tensions between the world’s two largest economies.

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• Trump calls meeting with Xi a “great success,” lasting 1 hour 40 minutes.
• U.S. cuts fentanyl tariffs on China from 20% to 10%, effective immediately.
• Trump says Xi promised to act strongly to curb fentanyl exports.
• Overall U.S. tariffs on Chinese imports reduced from 57% to 47%.
• Trump to visit China in April; Xi to visit U.S. later in 2025.
• Sensitive issue of Taiwan not discussed during talks.
• Both sides strike a one-year renewable rare earth supply deal.
• Trump says no “roadblocks” remain on rare earth cooperation.
• Leaders discuss Ukraine conflict, agree to coordinate efforts for resolution.
• Trump calls discussions “productive” and signals stronger U.S.-China cooperation.