Gyeongju, South Korea – United States President Donald Trump has announced an agreement with China to lower some US tariffs and avert Chinese export controls on rare earths, lowering the temperature in a heated trade war that has threatened to upend the global economy.

Trump on Thursday met Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in South Korea, in the two leaders’ first face-to-face meeting since 2019.

Trump said the sides had made “outstanding groups of decisions” and their agreement would initially be for one year. He said the sides would formally sign a deal “pretty soon”.

Chinese President Xi Jinping was more measured in early remarks, reported by the country’s state media.

The Xinhua news agency quoted Xi as saying tha

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