Trump says Xi to lift rare earth curbs, cut US tariffs after Seoul talks

US President Donald Trump revealed on Thursday that he and Chinese President Xi Jinping reached several key understandings during their meeting in Seoul, including Beijing’s decision to withdraw proposed rare earth export limits that had unsettled global markets. The two leaders also agreed on tariff adjustments and measures to combat the illegal flow of fentanyl into the United States.

Rare earths and tariff shift

Trump described the talks as highly productive, calling them “a 12 out of 10.” He said China’s reversal on rare earth restrictions—materials critical to electronics and defense industries—was a central outcome. In exchange, Trump stated that Washington would reduce some of the tariffs previously imposed on Chinese goods, particularly those tied to fentanyl-related trade issues.

Fentanyl cooperation and trade impact

According to Trump, the tariff rate on certain Chinese imports will drop from 20% to 10% after Xi pledged to intensify domestic enforcement against fentanyl production. “I think you’re going to see a big difference,” Trump told reporters aboard Air Force One, emphasizing Xi’s commitment to curbing the deadly drug’s flow. Trump added that the overall tariff level on Chinese goods now stands at 47% and confirmed he will not move ahead with a threatened increase to 100% by November 1.

Talks on chips and agriculture

When asked about the sale of Nvidia microchips to China, Trump said the topic came up briefly, though not in detail about the company’s advanced Blackwell architecture. He noted that the Taiwan issue was not part of the discussion but announced that China agreed to purchase more American soybeans—a move expected to support US farmers who have been affected by the prolonged trade dispute.

Next steps in US-China diplomacy

Trump announced plans to visit China in April 2026, with Xi expected to make a reciprocal visit to the United States later that year. The renewed dialogue between Washington and Beijing is being closely followed in Türkiye and other global markets, as both nations play central roles in global trade and supply chains.