White House unveils details of 'historic' trade agreement with China following Trump-Xi meeting
The White House on Saturday unveiled details of a "historic" trade agreement between President Donald Trump and Chinese President Xi Jinping — a sweeping deal at easing tensions between the world’s two largest economies.
The agreement, which was described by the administration as a "massive victory," was finalized this week during a bilateral meeting in Busan, South Korea. It includes U.S. tariff reductions and a series of Chinese commitments on fentanyl, rare earth exports and agricultural trade, according to a White House news release.
The agreement "safeguards U.S. economic strength and national security while putting American workers, farmers, and families first," according to the White House.
TRUMP SECURES CHINA AGREEMENT TO BUY MILLIONS OF TONS OF US SOYBEANS, BESSENT SAYS AFTER XI MEETING
Under the deal, China will curb the flow of fentanyl precursor chemicals into the U.S., pause new export controls on rare earth elements and magnets, reopen its markets to U.S. soybeans and other agricultural goods and lift retaliatory measures against major U.S. companies, according to the announcement.
China specifically agreed to:
TRUMP AND XI STRIKE TRADE TRUCE: 5 KEY TAKEAWAYS FROM THE SOUTH KOREA SUMMIT
In return, the U.S. agreed to:
The White House hailed the agreement as the latest in a string of "historic wins for the American people" during Trump's Asia trip. The visit also produced new trade agreements with Malaysia and Cambodia and established frameworks for negotiations with Thailand and Vietnam.
Additionally, the trip secured expanded investment commitments from both Japan and South Korea.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"This trade and economic deal caps President Trump’s successful trip to Asia, where he delivered a series of historic wins for the American people," the White House wrote.