After President Trump met with President Xi Jinping in Busan, it has been reported that both sides announced a tentative easing of tensions on several trade fronts.

Here’s the skinny:

  • The U.S. has agreed to reduce the fentanyl-related tariff rate from 20% to 10%.

In return, China pledged to:

  • Pause its planned export restrictions on rare-earth minerals, critical inputs for U.S. electronics and defense manufacturing.
  • Resume large-scale purchases of American agricultural goods, including soybeans and sorghum.
  • Continue the dialogue through reciprocal visits, with Trump planning to travel to China in April and Xi to the U.S. later in 2026.

Additionally, both governments also agreed to suspend or postpone their reciprocal port fee measures while negotiations continue.

Please note: We have not yet received the official announcement nor specific details related to implementation. As always, we will keep you informed when we learn more.