U.S. and China Reach Trade Truce in Busan to Ease Economic Tensions

The United States and China reached a significant trade truce in Busan, South Korea, easing economic tensions between the two powers. Under the deal, the U.S. will cut tariffs on fentanyl-related Chinese products from 20% to 10%, while China will suspend new export restrictions on rare earth minerals for a year. Both sides agreed to pause further sanctions and blacklist actions. China will also resume large-scale U.S. soybean imports and lift port restrictions. This one-year truce marks a crucial step toward restoring stability and cooperation in global trade, reducing uncertainty in technology and commodity markets.