• Trump and Xi hold first face-to-face meeting since 2019, aiming to ease trade tensions.
• Agreement reached to lower tariffs and suspend export controls on rare earths.
• China to buy large quantities of US soybeans, addressing trade imbalances.

US President Donald Trump and Chinese leader Xi Jinping met on Thursday in South Korea, marking their first face-to-face encounter in six years. The discussions centered on improving strained trade relations, with Trump describing the talks as "amazing". Both leaders aimed to establish a foundation for reducing tariffs and addressing critical trade issues between the two largest economies in the world, according to The Jakarta Post and Al Jazeera.

During the summit held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) meeting, Trump announced an initial trade agreement that includes lowering certain tariffs and suspending China's proposed export controls on rare earth minerals. These minerals are crucial for various high-tech applications, and reducing these tensions is expected to stabilize global supply chains that have been stressed during the trade war, according to Al Jazeera and BBC.

Trump confirmed that the United States would cut its tariff on fentanyl-related imports from 20% to 10%, contingent upon Xi's commitment to work on curbing the flow of this synthetic opioid, which has been a significant issue in the US. Furthermore, the agreement entails China resuming substantial purchases of US agricultural products, including soybeans, which had previously plummeted due to tariffs, negatively affecting American farmers. Trump emphasized the importance of this agricultural agreement for US interests, as reported by The Jakarta Post and BBC.

Xi is reported to have echoed Trump's sentiments, suggesting during early remarks that both countries should focus on long-term cooperation rather than falling into a cycle of retaliation. Despite Trump’s exuberance, it was noted that no formal agreement was signed during this meeting, indicating that significant work remains to be done to finalize the details of their accord, according to Al Jazeera and BBC.

In the aftermath of the meeting, Trump highlighted future talks, suggesting that this initial agreement might pave the way for further discussions and visits, potentially leading to a more extensive framework for US-China economic relations. Meanwhile, Xi's administration called for both nations to commit to a collaborative approach, reinforcing the notion that greater stability could emerge from this dialogue, as stated in reports from The Jakarta Post and BBC.