Trump hails 'amazing' meeting with China's Xi but no formal trade deal agreed

October 30, 2025

President Donald Trump and Chinese President Xi Jinping held their first face-to-face meeting in six years, resulting in progress toward easing trade tensions between the two economic superpowers, though no formal agreement was reached. The meeting produced several notable outcomes, including China's agreement to lift export restrictions on rare earth minerals and resume purchasing American agricultural products like soybeans, while the US will reduce some fentanyl-related tariffs. Despite these advances, significant tariffs exceeding 40% remain in place on Chinese goods entering the United States, and the contentious TikTok ownership issue remains unresolved.

Who is affected

US President Donald Trump and Chinese President Xi Jinping
American farmers, particularly soybean producers who lost access to Chinese markets
US importers facing over 40% tariffs on Chinese goods
ByteDance (TikTok's Chinese parent company)
Jensen Huang, head of Nvidia
US tech firm Nvidia
Economies of both the United States and China
Countries worldwide navigating trade relationships with the Trump administration

What action is being taken

China is suspending export control measures on rare earths
China is immediately buying tremendous amounts of soybeans and other American farm products
The US is dropping part of the tariffs related to fentanyl ingredient flows from China
Both sides are working on delivering outcomes for their economies
Beijing and Washington are continuing negotiations to resolve trade issues

Why it matters

This meeting represents a critical turning point in the economic relationship between the world's two largest economies after months of escalating trade tensions featuring retaliatory tariffs exceeding 100% on both sides. The outcomes directly impact American farmers who depend on Chinese markets, US consumers facing higher prices due to tariffs, and global supply chains for critical materials like rare earths used in smartphones and military equipment. The discussions also touch on strategic national security concerns involving AI chip technology and social media platforms, which will shape the technological and economic landscape for years to come. The framework established during this meeting could determine whether the trade war continues to escalate or moves toward resolution, affecting global economic stability.

What's next

Beijing will continue to work to resolve the TikTok issue
Beijing will be able to speak to Jensen Huang, the head of Nvidia
China has extended an invitation to Trump to visit China in April
Both sides will continue working on delivering outcomes through the established framework and structure

Read full article from source: BBC