President Donald Trump and Chinese President Xi Jinping met in Busan, South Korea, for their first face-to-face talk in six years. After the meeting, both sides said they reached common ground on several trade and economic points. Trump called the discussion “an amazing meeting” and said it went better than expected.
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The U.S. agreed to lower some tariffs on Chinese goods. The change includes cutting the tariff on items linked to fentanyl production from 20% to 10%. In return, China will tighten its control over the export of the chemicals used to make the drug. Trump said China is now taking “very strong action” on the issue. The cut will also bring the average tariff on Chinese imports down to 47% from 57%.
Trade, Agriculture, and Rare Earths
The two sides also found a path on rare-earth exports. These materials are key in products from electric vehicle motors to medical gear. China plans to delay new export limits for one year, which should ease pressure on U.S. manufacturers. Jamieson Greer, the U.S. trade representative, said the “roadblock” to rare-earth imports is now gone. Still, analysts expect China to keep some control measures in place.
At the same time, China has resumed buying U.S. soybeans. The country purchased several large shipments this week, each holding about two million bushels. That move offers relief to American farmers who have struggled during the harvest season. U.S. Secretary of Agriculture Brooke Rollins said the new purchases are a “great start” for producers.
Next Steps and Market Impact
Trump said a broader trade deal could come “pretty soon.” He also noted that the United States will delay plans for new port fees on Chinese-owned or Chinese-built vessels. The change follows South Korea’s pledge to invest $150 billion in U.S. shipbuilding.
Both leaders described the meeting as friendly. Trump plans to visit China in April, and Xi is expected to visit the United States after that.
For investors, the meeting may bring short-term optimism across global markets. Lower tariffs could benefit logistics and retail firms that rely on imports, while renewed Chinese purchases may lift agricultural stocks such as Archer-Daniels-Midland Company (ADM) and Bunge Global SA (BG). Companies that use rare-earth materials, such as Tesla Inc. (TSLA), USA Rare Earth (USAR), and Lynas Rare Earths (AU:LYC), could also see some supply relief if export rules stay loose.
Overall, the Busan meeting showed that both governments are seeking a calmer trade path after years of tension. Markets will now watch for follow-through on the promises made and any sign of a broader trade deal in the months ahead.
By using TipRanks’ Comparison Tool, we’ve lined up all the companies mentioned in this piece to make it easy for investors to review each stock and see how they stack up across the agricultural and mineral sectors.
