Trump Action Archive

Supporting reports

• Trump and Xi agree to rare earths deal and tariff reduction in Busan summit — Donald Trump and Xi Jinping met in Busan, South Korea for trade negotiations. They agreed to a one-year rare earths agreement with annual renegotiation, a reduction of Trump's "fentanyl tariff" from 20% to 10% (lowering overall tariffs from 57% to 47%), and reciprocal Chinese measures suspending export controls. China committed to purchasing American soya beans and working to prevent fentanyl production. The meeting lasted 1 hour 40 minutes; Trump described it as a "12 on a scale of one to 10."
• Trump administration announces soybean purchase agreement with China — Treasury Secretary Scott Bessent announced that China agreed to purchase 12 million metric tons of soybeans this season and 25 million tons annually for three years. The announcement was made on Fox Business. However, the reported purchase volumes are lower than the 27 million metric tons China purchased in 2024 under the Biden administration, raising questions about the deal's actual value relative to prior arrangements.
• Trump administration reportedly grants China access to rare earth minerals on annual basis — According to reporting cited in the article, the Trump administration's trade deal with China includes provisions granting China year-to-year control over U.S. access to rare earth minerals. These materials are essential for electric vehicles and advanced weapons systems. The arrangement requires the United States to negotiate annually with Beijing for mineral access, creating dependency on Chinese discretion.
• Trump met with China's President Xi; Xi offered minimal engagement and no substantive commitments. — Trump held a bilateral meeting with Chinese President Xi Jinping. During the exchange, Xi remained largely silent and unresponsive to Trump's remarks, projecting disengagement. Trump claimed the meeting was successful and announced a trade agreement that included China resuming soybean purchases, suspending rare-earth export restrictions for one year, and the U.S. reducing tariffs on China by 10 percent. However, reporting indicated the agreement largely restored pre-escalation trade conditions rather than achieving Trump's stated objectives on industrial policy or manufacturing overcapacity.