President Donald Trump wrapped up his Asia trip Thursday with a high-stakes meeting with Chinese President Xi Jinping in Busan, South Korea. The two talked trade, technology, and fentanyl, reaching what Trump called "an amazing agreement." Trump announced he will cut tariffs on Chinese goods from 20 percent to 10 percent, while China promised to restart U.S. farm purchases and take stronger action to block fentanyl from reaching American streets. Beijing also agreed to hold off on new rare earth export restrictions for at least a year.
Trump said the deal is meant to be renewed annually, calling it a framework for a "long-term partnership." Both leaders described the tone as friendly but focused, with Xi saying major powers can "still find ways to thrive side by side." The pair also agreed to reciprocal visits next year, with Trump heading to China in April and Xi planning a return trip later in 2025. After about an hour and forty minutes of talks, Trump waved to reporters and boarded Air Force One, leaving behind what could be the first real thaw in U.S.-China relations in years.