A truce has been reached in the escalating conflict over rare earth minerals, as China agreed to pause new export curbs in a one-year deal with the US. In return, the US will slash some tariffs and export controls, pulling back from President Trump’s threat of a 100% import tax.
The deal, struck between Trump and Chinese President Xi Jinping, also includes a Chinese commitment to buy US soybeans. Furthermore, the US agreed to postpone a new tech restriction measure for one year, a key concession to Beijing.
Following the agreement, President Xi addressed the APEC forum in South Korea. He advocated for open trade, urging nations to “join hands rather than letting go” and warning them against “breaking supply chains.”
The meeting was described as “amazing” by President Trump. President Xi, who said “dialogue is always better than confrontation,” urged teams to finalize the deal’s details quickly for global “peace of mind.”
This diplomatic thaw will be reinforced by state visits. Trump announced he will visit China in April, with Xi planning a reciprocal trip to the US, possibly in Palm Beach or Washington, D.C., later in the year.
Rare Earths Truce: China Pauses Curbs, US Slashes Tariffs in New Pact
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