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.

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U.S. President Donald Trump greets Chinese President Xi Jinping ahead of a bilateral meeting at Gimhae Air Base on Oct. 30, 2025, in Busan, South Korea.  (Andrew Harnik/Getty Images / Getty Images)

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:

• Suspend new export controls on rare earths announced on Oct. 9.
• Issue general licenses for exports of rare earths, gallium, germanium, antimony and graphite.
• Take “significant measures” to curb the flow of fentanyl to America.
• Suspend all retaliatory tariffs imposed since March, including on U.S. farm products such as soybeans, pork, corn and dairy.
• Remove non-tariff countermeasures targeting U.S. industries.
• Purchase 12 million metric tons of U.S. soybeans by year’s end and 25 million tons annually through 2028.
• Resume imports of U.S. sorghum and hardwood logs.
• Resume trade from Nexperia’s chip facilities in China.
• Lift sanctions taken in retaliation for the U.S. investigation into China’s maritime, logistics and shipbuilding sectors.
• End investigations of U.S. semiconductor companies.
• Extend its market-based tariff exclusion process for U.S. imports through Dec. 31, 2026.

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President Donald Trump and Chinese President Xi Jinping talk after a bilateral meeting at Gimhae International Airport, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, in Busan, South Korea, Oct. 30, 2025.  (REUTERS/Evelyn Hockstein / Reuters Photos)

In return, the U.S. agreed to:

• Cut tariffs on Chinese imports — originally imposed to curb fentanyl flows — by 10 percentage points starting Nov. 10, while keeping higher reciprocal tariffs suspended until Nov. 10, 2026.
• Extend certain Section 301 tariff exclusions through Nov. 10, 2026.
• Delay enforcement of a new export rule targeting affiliates of blacklisted Chinese firms until Nov. 10, 2026.
• Suspend new trade actions linked to investigations of China’s shipbuilding and logistics sectors until late 2026, while continuing coordination with South Korea and Japan to strengthen U.S. shipbuilding.

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The flags of the United States and China fly from a lamppost in the Chinatown neighborhood of Boston, Massachusetts, on Nov. 1, 2021. (REUTERS/Brian Snyder/File photo / Reuters Photos)

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.

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“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.