After a 100-minute meeting, US President Donald Trump and Chinese leader Xi Jinping appeared, shook hands and went their separate ways without making any comments.
But aboard the presidential plane, Air Force One, Trump gave several messages from the "fantastic" meeting.
Tariffs on Chinese goods – which Trump introduced, among other things, citing Beijing's contribution to the trade in the drug fentanyl in the United States – are being reduced from 57 to 47 percent.
Ahead of the meeting, the US president had threatened to increase tariffs. This turned out not to be necessary after Xi Jinping, according to Trump, promised to limit exports of chemicals used in the production of the deadly synthetic opioid to the US.
Understanding rare earth metals
Trump also states that the issue of rare earth metals has been resolved. China currently has a near monopoly on the market for the metals, which are crucial for the production of advanced technology. An advantage it has begun to exploit to put pressure on other countries.
That barrier is gone now, says Trump, adding that an agreement has been reached that applies to "the whole world."
China confirms it is postponing its sweeping export restrictions on the metals for a year, Bloomberg reports.
That was the most important message, according to Swedish Trade Minister Benjamin Dousa (M).
The most important thing in tonight's negotiations is the discussions around rare earth metals, which are an incredibly important input for Swedish companies, he tells TT.
China has also agreed to buy “tremendous amounts” of American soybeans and other agricultural products, Trump says.
China said the two countries had agreed to expand agricultural trade. It also said it would work with the United States to resolve the issue of TikTok, which the United States has long demanded, citing national security concerns, be sold off.
No chips
However, there was no discussion about semiconductor giant Nvidia's so-called Blackwell chip, which the company is prohibited from selling to China, Bloomberg reports.
Trump said this week that he would take up what is described as the world's most advanced AI chip, leading to speculation that the US would give the green light for exports to China.
Nvidia, the world's most valuable company, surpassed the $5 trillion market cap for the first time after Trump's statement.
Chinese leader Xi Jinping said in a statement that delegations from the US and China had discussed important economic and trade issues and "reached consensus" on how to resolve them, without giving any details.
