U.S. President Donald Trump said Washington and Beijing have reached key trade understandings, announcing that tariffs on China will be reduced to 47% from 57%, while fentanyl tariffs will be cut to 10% from 20%.

After talks with Chinese President Xi Jinping, Trump confirmed that the long-running rare earths dispute has been settled, with a one-year trade pact ensuring continued supply.

Calling the meeting “amazing,” Trump praised Xi as “a great leader” and said “a lot of decisions were made.” He added that China will resume large soybean purchases from the U.S.

The meeting, held ahead of the 2025 APEC Summit in Busan, marks a major step toward easing tensions after months of tariff threats and export restrictions.