Overview
- President Trump lowered the overall U.S. tariff rate on Chinese goods to 47% from 57% and cut the fentanyl-related levy to 10%, effective immediately.
- Beijing agreed to delay newly tightened rare-earth export controls for about one year, keeping critical minerals flowing to global supply chains.
- Treasury Secretary Scott Bessent said China will buy 12 million metric tons of U.S. soybeans now and 25 million tons annually for the next three years.
- The previously threatened additional 100% tariffs are off the table for now, with few published details on enforcement or implementation.
- Analysts characterize the outcome as a conditional ceasefire, with major issues such as advanced chips, TikTok, and Taiwan either unresolved or not discussed, and follow-up visits by both leaders planned.