US-China trade talks show real progress ahead of Trump-Xi meet

Business Oct 28, 2025

The US and China are making real progress in their trade talks just before the Trump-Xi summit happening October 30, 2025, in Busan.
The big news? The US has dropped its plan for a 100% tariff hike on Chinese goods—a move that has sent reassuring signals as both sides look to ease tensions.

What are the talks about?

Talks are mainly focused on China's export controls over rare earth minerals (which tech companies really need) and hopes for more US farm exports, especially soybeans.
Although China tightened mineral restrictions earlier this month, it might hold off for now.
Both sides sound optimistic—China says there's a "preliminary consensus," and President Trump wants to seal the deal—so global markets are watching closely.