Busan (South Korea): President Xi Jinping said that China's development and revitalization go hand in hand with US President Donald Trump's vision to 'Make America Great Again.' He made the remarks during a meeting with Trump after landing in Busan for the 32nd APEC Economic Leaders' Meeting in Gyeongju, and a state visit to South Korea.
Xi said the two countries are fully able to help each other succeed and prosper together. "China and the United States should be partners and friends. That is what history has taught us and what reality needs," he said.
The Chinese leader also said he is ready to continue working with Trump to build a solid foundation for China-US relations and create a sound atmosphere for the development of both countries. Earlier in the day, Trump and Xi met for a high-stakes summit that was watched closely for signs of a reprieve in the two countries' escalating trade war marked by tit-for-tat tariffs.
The two leaders met for the first time since 2019 at Naraemaru, a reception hall inside an Air Force base in the southeastern city of Busan, shortly after Xi arrived in the country for a three-day state visit.
In a major step towards easing ongoing trade tensions, Trump announced that he and Jinping have agreed on a one-year deal for the supply of crucial rare earth materials. Trump said the agreement will be renewed annually and represents significant progress in the countries’ strained trade relationship.
In another key announcement, Trump said he would roll back tariffs on Chinese goods by 10 percent, from 57 per cent to 47 per cent, calling it a “gesture of good faith” following what he described as a “very constructive” dialogue with Jinping. “Many very important points were agreed upon,” Trump said. “We’re in agreement on so many elements and I think we’ll be providing conclusions on very important things shortly.”
|
Indian firms get licenses to import rare earths from China New Delhi: Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said that some Indian companies have received licenses for importing rare earth magnets from China. At least three Indian companies—Continental India, Hitachi, and Jay Ushin—have received initial government approval to import the magnets. These firms supply components for India's automotive and electronics industries. This is the first set of clearances since Beijing imposed tight controls on the export of these magnets earlier in April. The move is intended to alleviate supply issues that have impacted key industries in India. Jaiswal also said, “We have to look at how the US and China talks will play into our domain." The import licenses have specific conditions attached. The imported magnets cannot be re-exported to the United States and cannot be used for defence-related purposes. The MEA had previously confirmed in June 2025 that it was in discussions with China to secure the supply of rare earth materials and bring predictability to the trade supply chain. The Indian government and industry bodies have been working to find a solution to the supply bottlenecks. The automotive sector, especially manufacturers of electric vehicles (EVs), was particularly affected by the export restrictions. This initial grant of licenses is expected to ease some of the pressure. |
