US and China make concessions on trade and tariffs

On the morning of October 30, many positive signals were recorded during the direct talks between Chinese President Xi Jinping and US President Donald Trump in Busan city, South Korea.

US President Donald Trump (left) during a meeting with Chinese President Xi Jinping in Busan, South Korea on October 30, 2025. Photo: REUTERS/TTXVN

Speaking to reporters on Air Force One after the meeting ended, Mr. Trump said the talks went very well. He and China's Xi Jinping discussed chip sales, saying the Chinese side would negotiate with chipmaker Nvidia and other companies on the issue. In addition, Mr. Trump also announced that the US would immediately reduce China's fentanyl tariffs to 10%. An official accompanying Mr. Trump also said that China would continue to export rare earths.

US Trade Representative Jamieson Greer also said the US would postpone an investigation into China's shipbuilding industry, which has been a point of contention between the two sides. China's soybean purchases would begin immediately and President Trump could visit China in April next year.

The meeting between Chinese President Xi Jinping and President Donald Trump ended after about 1 hour and 40 minutes.

Since Mr. Trump was elected to his second term as president, the two leaders of the US and China have had three phone calls, exchanged many letters, and maintained close contact. A few days ago, the two countries' economic and trade working groups held a new round of consultations in Kuala Lumpur (Malaysia), reaching a basic consensus on resolving each side's current core issues, and creating the necessary conditions for this summit.

Source: https://baotintuc.vn/kinh-te/my-va-trung-quoc-nhuong-bo-nhau-ve-thuong-mai-va-thue-quan-20251030122323326.htm