A: Hey there! Any news from Washington?
B: Not much really, just heard something about a deal between US and China...
A: Oh yeah? That sounds interesting! So what's the story?
B: Well, it looks like Trump and Xi Jinping struck a deal in Busan. They call it a "massive victory" for the US economy and security.
A: Wow, that sounds big! What exactly did they agree on?
B: China will pause their strengthening of export controls on rare earths, which are kinda important for tech stuff. The controls from April this year and October 2022 are also off the table.
A: Oh, I see! And what about China's tariffs?
B: They will stop those retaliatory tariffs they announced in March on US agricultural products like soybeans and corn. Plus, they'll buy at least 12 million tons of US soybeans by year-end and more from 2026 to 2028!
A: That's a good deal for the farmers! What about the tariffs on Chinese imports?
B: The US will lower those tariffs to 10% on stuff related to fentanyl, starting November 10.
A: Interesting... But you mentioned it's temporary? Is there a risk of more trade tension?
B: Yeah, some of the agreed measures on tariffs and rare earths are only temporary. So the risks of escalating trade tensions still linger.
A: Got it! Thanks for the heads up, buddy! Let's catch up again soon and see how things develop!
B: Not much really, just heard something about a deal between US and China...
A: Oh yeah? That sounds interesting! So what's the story?
B: Well, it looks like Trump and Xi Jinping struck a deal in Busan. They call it a "massive victory" for the US economy and security.
A: Wow, that sounds big! What exactly did they agree on?
B: China will pause their strengthening of export controls on rare earths, which are kinda important for tech stuff. The controls from April this year and October 2022 are also off the table.
A: Oh, I see! And what about China's tariffs?
B: They will stop those retaliatory tariffs they announced in March on US agricultural products like soybeans and corn. Plus, they'll buy at least 12 million tons of US soybeans by year-end and more from 2026 to 2028!
A: That's a good deal for the farmers! What about the tariffs on Chinese imports?
B: The US will lower those tariffs to 10% on stuff related to fentanyl, starting November 10.
A: Interesting... But you mentioned it's temporary? Is there a risk of more trade tension?
B: Yeah, some of the agreed measures on tariffs and rare earths are only temporary. So the risks of escalating trade tensions still linger.
A: Got it! Thanks for the heads up, buddy! Let's catch up again soon and see how things develop!
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Summary
US-China trade deal in Busan: Trump and Xi Jinping agreed on a deal, touted as a "victory" for the US economy and security. Key points include China pausing export controls on rare earths and halting retaliatory tariffs on US agricultural products, such as soybeans and corn. In return, the US will
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ID: 265d9f75-a742-471f-b43d-06df245d83e5
Category ID: conversation_summary
URL: https://www3.nhk.or.jp/nhkworld/en/news/20251102_09/#conversation
Date: Nov. 2, 2025
Notes: 2025-11-02
Created: 2025/11/02 16:40
Updated: 2025/12/07 22:55
Last Read: 2025/11/02 18:31