US and China agree to one-year pause on punitive tariffs
Donald Trump and China’s leader, Xi Jinping, have agreed to a one-year pause on the punitive Trump-instated tariffs that are at the heart of the ongoing trade war between the two superpowers. Among the issues discussed when the two leaders met face-to-face in the South Korean city of Busan were China’s chokehold on rare earth metals and the export restrictions on NVIDIA’s AI chips.<br /> Trump had previously made some characteristically explosive threats that he would impose new 100 percent tariffs on imports from China as a retaliation to Xi’s tightening grip on rare earths, the processing of which is almost entirely controlled by China. These materials are essential for manufacturing everything from smartphones and EVs to military equipment. As part of the (for now) tempora [...]
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