Key Facts
• October 30: Trump and Xi meet at APEC summit in Gyeongju, South Korea.
• Meeting lasted 1 hour 40 minutes, first in-person talk in six years.
• Rare earths and tariffs were key topics; Taiwan issue was not discussed.
• China agreed to delay rare earth export restrictions for one year.
• U.S. suspended 100% additional tariffs on Chinese goods.
• China resumed U.S. soybean imports; U.S. reduced fentanyl-related tariffs from 20% to 10%.
• Rare earths are critical for high-tech and defense, with China controlling 70% of mining and 90% of refining.
• October 28: U.S. and Japan agreed on a new framework for rare earth supply.
• October 20-30: Trump’s Asia tour included rare earth agreements with Australia, ASEAN, and Japan.
• Concerns rise in the U.S. over prioritizing China relations at Taiwan’s expense.
• Reports suggest Trump delayed $400M military aid to Taiwan to focus on China talks.
Summary
On October 30, U.S. President Donald Trump and Chinese President Xi Jinping held their first in-person meeting in six years during the APEC summit in South Korea. The 1-hour-40-minute discussion focused on rare earths and tariffs, with both sides agreeing to delay additional restrictions and duties. China controls 70% of rare earth mining and 90% of refining, making these materials critical for global high-tech and defense industries. The U.S. and China also took steps to rebuild economic cooperation, including China resuming U.S. soybean imports and the U.S. reducing fentanyl-related tariffs. However, the meeting avoided the contentious Taiwan issue, raising concerns in the U.S. about prioritizing relations with China over Taiwan’s security. Trump’s recent Asia tour highlighted rare earth supply agreements with Japan, Australia, and ASEAN nations, signaling a broader strategy for economic security. The meeting underscores the delicate balance between economic and geopolitical interests in U.S.-China relations.
