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U.S. President Donald Trump and Chinese President Xi Jinping have agreed to a one-year trade truce after meeting in South Korea. China will postpone export controls on rare earth minerals, and the U.S. will lower its tariffs on Chinese goods. China also agreed to resume buying American soybeans. The deal could lower tensions between the world's two leading economies, and "the fact that they met at all has to be a good thing," says Northwestern University economics professor Nancy Qian, an expert on U.S.-China relations. "Talking means not fighting."
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Some analysts say Beijing won a major victory in its trade talks: Getting the U.S. to withdraw a national security measure that previously was not under discussion.
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Beijing appears to be the bigger winner, leveraging Washington's reliance on China to lower steep U.S. duties.
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