US and China Agree to Trade De-escalation; Washington to Cut Tariffs

The U.S. will lower tariffs on Chinese goods from a combined 57% to 47% following a meeting between Presidents Donald Trump and Xi Jinping in South Korea. The move aims to stabilize volatile trade relations between the world's two largest economies. In return, Beijing has reportedly agreed to ease export restrictions on rare earth elements and resume purchasing American soybeans. President Trump described the 100-minute meeting as highly successful, signaling a significant de-escalation in the ongoing trade conflict.