What Trump and Xi did and did not agree upon in their meeting

From fentanyl To rare earth elementspresident Donald Trumplong-awaited meeting with the Chinese leader Xi Jinping in the last stage of its trio of countries Asia The tour saw the world's two largest economies ease trade tensions, or at least some of them.

“There are a lot of tweaks,” Trump told reporters on Air Force One after taking off from Busan. South Koreawhere he met with Xi Jinping for about an hour and 40 minutes on Thursday, saying he would rate the “amazing” meeting a “12” on a scale of zero to 10.

Although the two leaders did not sign a final agreement, Trump said an agreement could be signed “pretty soon” and that there are “not many major stumbling blocks.”

Trump said he would visit China in April, and Xi would visit either Florida or Washington “some time after that.”

Here are the main results of the summit:

Fentanyl

Trump said he was lowering China's fentanyl tariffs from 20% to 10%, effective immediately. He said this would increase the overall effective tariff rate on Chinese imports from 57% to 47%.

Trump said he believes Xi Jinping will work “very hard” to stop the illegal flow of fentanyl precursors, the chemicals used to make the deadly opioid, from China to other countries. “I think you’ll see a big difference,” he said.

U.S. officials say China has not done enough to stop the illegal export of precursor ingredients that are processed into fentanyl in Mexican laboratories and then smuggled into the United States.

China has denied the accusations, calling its anti-fentanyl efforts the “most relentless” in the world.

Rare earth materials

A key issue in U.S.-China trade talks has been rare earth materials, which are critical to producing magnets used in everything from turbines to electric vehicles.

China, which has a near monopoly on global suppliesalarmed automakers around the world when it imposed strict export controls on the materials, saying it was trying to stop their use for military purposes, and has since used them as a powerful bargaining chip in trade negotiations.

Trump said Xi Jinping had agreed to a one-year delay on the restrictions, which would likely be “routinely extended.”

“The rare earths are all settled, and that applies to the whole world,” he said. A White House official standing next to Trump said he and Xi had reached an “understanding” and that China “is not going to implement the rare earth controls they have proposed.”

Analysts say that while the US is looking to reduce its dependence on China for materials (as Trump signed major minerals deals with Thailand, Malaysia and Japan during this trip), it will be some time before that happens.

“Building new mines and especially expanding processing capacity—which is the real bottleneck—requires many years of persistent effort and significant investment,” Patrik Andersson, an analyst at the Swedish National China Center at the Swedish Institute of International Affairs, told NBC News.

Soybeans

Trump said China, which had resumed purchasing U.S. soybeans ahead of the meeting after months of boycott, would buy “large, huge volumes of soybeans and other agricultural products.”

The cessation of purchases from China, the largest market for U.S. soybeans, has become the main pain point of American farmerswho are pressuring the Trump administration to resolve the issue. China has not purchased U.S. soybeans since May, instead sourcing them from South American countries such as Argentina and Brazil.

Ukraine

Trump has long promised to end war in UkraineHowever, faced with resistance from Russia, he turned to the Kremlin's close partners: India and China for help.

The US and China will “work together” to end the war between Russia and Ukraine, Trump said, adding: “Ukraine has been very strong, we've been talking about this for a long time.”

“We're both going to work together to see if we can get something done,” he said.

No TikTok, Taiwan or Nvidia

Trump didn't mention it TikTokdespite earlier signals from the White House that he and Xi could finalize an agreement to sell Chinese-owned U.S. operations as required by U.S. law.

Asked about TaiwanTrump told reporters that during the meeting he and Xi did not talk about the island democracy claimed by Beijing. “Taiwan was never mentioned,” he said. “It wasn’t really discussed.”

And when it came to US artificial intelligence giant Nvidia, which on Wednesday became… That first $5 trillion companyTrump said there was no discussion about whether the US would further ease export restrictions to allow the export of Nvidia's latest chips, called Blackwell.

“We're not talking about Blackwell chips,” Trump said.

The US currently allows limited exports of older H20 GPU chips, which are a modified version specifically designed for the Chinese market.