Following talks with Chinese President Xi Jinping in South Korea, Donald Trump said a trade agreement could be signed “pretty soon,” suggesting a potential easing of tensions between the two major economies.
Trump announced lower tariffs on Chinese imports and an agreement on US access to China’s rare earth minerals, but warned of a possible 155% tariff on Chinese goods if no deal is finalized by November 1.
Despite progress, no agreement was reached on the sale of TikTok’s US operations, while Trump also highlighted unresolved concerns over fentanyl and soybean trade, signalling both progress and persistent friction in US-China relations.
Trump Signals Imminent US-China Trade Deal After Talks With Xi Jinping In South Korea
Trump had warned that the United States could impose a “potential 155% tariff” on Chinese goods if Beijing does not finalise a trade agreement.
Summary
US President Donald Trump has said that Washington and Beijing could sign a new trade deal “pretty soon,” following talks with Chinese President Xi Jinping in South Korea. The announcement marks a potential easing of tensions between the world’s two largest economies, which had seen renewed strain in recent months over tariffs, technology access, and geopolitical flashpoints.
Trump revealed that the US would lower tariffs on Chinese imports, while both sides had reached an agreement on the long-disputed issue of American access to China’s rare earth minerals — critical for electronics and defense manufacturing. However, Beijing has yet to release an official statement confirming any of these developments.
Trump has warned that the United States could impose a “potential 155% tariff” on Chinese goods if Beijing does not finalise a trade agreement by 1 November. The warning was issued as Trump signed a critical minerals deal at the White House with Australian Prime Minister Anthony Albanese on Monday.
According to Indian Express, Trump outlined a series of issues he expects China to address in negotiations, including rare earths, fentanyl, and soybeans. Speaking to reporters, he said, “I think China’s been very respectful of us. They’re paying tremendous amounts of money to us in the form of tariffs. As you know, they’re paying 55% (tariffs), that’s a lot of money.”
Notably, no progress was announced on the stalled negotiations over the sale of TikTok’s US operations, an issue that has been a major sticking point in bilateral talks. Analysts say Trump’s statements could signal a significant thaw in US-China relations, paving the way for a broader economic rapprochement after years of friction over trade imbalances, intellectual property, and tech sovereignty.
Trump's Asia trip began on Sunday in Kuala Lumpur, where he was joined by leaders to sign a “peace deal” between Thailand and Cambodia.
He then flew to Japan, met with Emperor Naruhito, and sat down with the country’s new prime minister, Sanae Takaichi.
Advertisement
Trump and Takaichi heaped praises on each other and signed two deals - one on deepening rare earths cooperation, and another promoting a "new golden age" of US-Japan relations, before travelling to a naval base where Trump addressed American troops.
Trump arrived in South Korea on Wednesday where he was showered with gifts and flattery. There, he reached a deal with President Lee Jae Myung to reduce reciprocal tariffs from 25 percent to 15 percent, in exchange for $350b of investments in the US.
Published At: