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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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The two leaders reached an agreement on fentanyl, some tariffs and rare earths, at least for a year. But even as the global trade picture cleared a little, Mr. Trump spurred new worries about nuclear proliferation.
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The trade agreement will lower U.S. tariffs on Korean cars and parts to 15 percent in exchange for $350 billion in investment, a Korean official said.
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