On Oct. 30, after a high-stakes meeting in Busan, South Korea, U.S. President Donald Trump and Chinese President Xi Jinping announced a one-year truce in their escalating trade war. During the upcoming year, China agreed to scale back restrictions it had imposed on the sale to the U.S. of rare-earth minerals, of which it produces approximately 70% of the world’s mined rare-earth minerals and approximately 90% of the world’s refined rare-earth minerals. It also agreed to resume purchasing U.S. soybeans. Finally, China agreed to remove sanctions it had imposed on U.S. shipbuilding, in addition to increased port fees for U.S. ships and companies commandeering U.S. ships. China used these measures to hit back at the U.S. as the trade war heated up.
For its part, the U.S. announced that it would cut by half the 20% tariffs Trump had imposed on China in an effort to persuade it to reduce fentanyl shipments to North America. This will decrease import tariffs on Chinese goods from 57% to approximately 47%. Trump also announced that during negotiations, China had agreed in principle to crack down more on fentanyl shipments. Both sides agreed to extend for a year an agreement currently in place to halt higher reciprocal tariffs. The current agreement was to expire on Nov. 10.
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