President Donald Trump met with China’s genocidal communist dictator, Xi Jinping, on Wednesday in Busan, South Korea, for talks focused heavily on lifting recent restrictions and tariffs on bilateral trade.
Following the meeting, which Trump described in a statement on Truth Social as “truly great,” the two sides confirmed that China would lift restrictions on exporting rare-earth and critical minerals, which Beijing had imposed in response to tariffs on its goods. The restrictions would be paused for a year, potentially returning if Beijing and Washington do not agree on a blueprint for the sales, but Trump appeared positive about the restrictions not returning during remarks on Air Force One en route home, describing the meeting as a “12” out of ten.
China would also, Trump added, increase its purchases of American soybeans, sorghum, “and other farm products,” expected to produce significant profits from American farmers. In exchange, the Trump administration will reduce the American tariff rate on Chinese goods, previously at 57 percent, by ten percent, in recognition of China’s alleged measures to limit the flow of fentanyl into the United States.
The Chinese Foreign Ministry published a readout describing the conversation between the two leaders, which allegedly lasted nearly an hour and a half. Beijing emphasized the friendly atmosphere and longstanding personal relationship between Xi and Trump. Contrary to the hectoring and superior tone that the Chinese government attributed to Xi in meetings with former President Joe Biden, Xi was optimistic about the potential America and China have to work together and ensured Trump that China had “no intention to challenge or supplant anyone.”
Trump departed South Korea following his meeting with Xi, while Xi remained in town to attend the Asia-Pacific Economic Cooperation (APEC) summit the country is currently hosting.
“We agreed on many things, with others, even of high importance, being very close to resolved,” Trump wrote in his Truth Social statement on the meeting. “I was extremely honored by the fact that President Xi authorized China to begin the purchase of massive amounts of Soybeans, Sorghum, and other Farm products. Our Farmers will be very happy!”
Trump encouraged American farmers to “immediately go out and buy more land and larger tractors” to meet increased Chinese demand.
China began slowing its purchases of American agricultural products this month, apparently in response to the tariffs Trump imposed on its goods. China was the world’s largest importer of American soybeans until this year. Prior to the announcement on Thursday, Trump warned this month that the United States would begin limiting purchases of Chinese cooking oil and other products if it did not cease its “economically hostile act.”
“Additionally, China has agreed to continue the flow of Rare Earth, Critical Minerals, Magnets, etc., openly and freely,” Trump continued. “Very significantly, China has strongly stated that they will work diligently with us to stop the flow of Fentanyl into our Country. They will help us end the Fentanyl Crisis.”
Trump also announced that China would begin to buy American fossil fuels — a direct blow to Russian strongman Vladimir Putin who relies heavily on Chinese and Indian oil and gas purchases to finance his ongoing invasion of Ukraine.
“China also agreed that they will begin the process of purchasing American Energy,” Trump wrote. “In fact, a very large scale transaction may take place concerning the purchase of Oil and Gas from the Great State of Alaska.”
“I had a truly great meeting with President Xi of China. There is enormous respect between our two Countries, and that will only be enhanced with what just took place,” Trump emphasized.
The Chinese Foreign Ministry readout of the meeting offered significantly less detail than the Trump statement, emphasizing instead that Xi Jinping spoke at length in poetic terms about America and China.
“China and the United States should be partners and friends. This is what history has taught us and what reality needs,” Xi asserted according to the readout.
Xi also reportedly emphasized, contrary to many economic metrics, that the Chinese market had “good momentum” and was “like a vast ocean, big, resilient, and promising.” In reality, the Chinese economy has yet to recover from the atrocities committed during the Wuhan coronavirus pandemic, including the lockdown of the world’s largest cities, and is struggling with mass youth unemployment and poverty outside of major cities.
Elsewhere in his remarks, Xi reportedly expressed concerns about falling into a “vicious cycle of mutual retaliation,” a subtle recognition that the limits on rare-earth exports China imposed cause significant damage to its own economy and are not sustainable in the long term, even though they hurt the U.S. tech industry in the short term. He also offered to help the United States on issues such as illegal immigration and artificial intelligence.
The Chinese Foreign Ministry concluded by noting that Trump is planning to visit China “early next year” and that he extended an invitation to Xi to visit America.
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