(NewsNation) — President Donald Trump and China’s Xi Jinping tackled a laundry list of issues dividing the world’s two biggest economies late Wednesday.
Xi and Trump left the nearly two-hour meeting with newfound solidarity on the reduction of hefty tariffs, cooperation to resolve TikTok issues in the United States and soybean purchases from American farmers. No formal agreement was signed.
“I thought it was an amazing meeting … A lot of decisions were made too, there wasn’t too much left out there,” Trump said after the face-to-face meeting, which took place in the South Korean city of Busan.
China’s government released a statement Thursday morning confirming their discussions and announcing it would suspend export controls on U.S. goods for one year, in return for the U.S. pausing its measures on China’s shipbuilding industry during the same period.
China did not corroborate additional details shared by Trump.
US to reduce tariffs on Chinese goods
Trump told reporters aboard Air Force One the U.S. plans to reduce some tariffs on China.
Implemented earlier this year, the tariffs acted as a punishment for the flow of fentanyl ingredients into the U.S. The total combined tariff rate on China is now 47%, down from 57%, according to the Associated Press.
China vows to work on TikTok issues
Following the meeting, China’s Commerce Ministry announced it “will work with the U.S. to properly resolve issues related to TikTok.”
No details have been released about their cooperation to keep the app running in the U.S.
The development is the latest in a monthslong dispute over the demand for TikTok owner ByteDance to sell its U.S. assets or face a ban. The app briefly went dark in January, but Trump — who previously supported a ban — has extended the company’s deadline to comply multiple times.
A reported $14 billion deal would give about a 65% stake of TikTok to American investors.
In a social media post, Trump said Xi had authorized the purchase of “massive amounts of Soybeans, Sorghum, and other Farm products.”
Trump: China to increase purchases of US soybeans
“Our Farmers will be very happy!” he wrote.
China, the world’s largest soybean buyer, previously stopped buying from U.S. farmers in response to Trump’s tariffs.
Treasury Secretary Scott Bessent said on Thursday China has agreed to purchase 12 million metric tons of soybeans between now and January, then a minimum of 25 million metric tons over the next three years.
China will help end fentanyl crisis: Trump
Trump said the meeting also involved discussions surrounding the fentanyl crisis.
“Very significantly, China has strongly stated that they will work diligently with us to stop the flow of Fentanyl into our Country. They will help us end the Fentanyl Crisis,” Trump said on social media.
Trump explicitly linked his previous tariffs on Beijing to the “direct flow of fentanyl and other synthetic opioids from the People’s Republic of China to the United States.”
President Donald Trump greets Chinese President Xi Jinping ahead of a bilateral meeting at Gimhae Air Base on Oct. 30, 2025, in Busan, South Korea. (Photo by Andrew Harnik/Getty Images) 
President Donald Trump, left, and Chinese President Xi Jinping shake hands before their meeting at Gimhae International Airport in Busan, South Korea, on Oct. 30, 2025. (AP Photo/Mark Schiefelbein) 
President Donald Trump and China’s President Xi Jinping shake hands as they leave after their talks at the Gimhae Air Base, located next to the Gimhae International Airport in Busan on Oct. 30, 2025. (Photo by ANDREW CABALLERO-REYNOLDS / AFP) 
Chinese President Xi Jinping adjusts his earphones during a bilateral meeting with President Donald Trump at Gimhae Air Base on Oct. 30, 2025, in Busan, South Korea. (Photo by Andrew Harnik/Getty Images)
It’s a claim outlined in a DEA assessment that found the Sinaloa and Jalisco New Generation cartels dominate fentanyl production, operating clandestine labs in which the majority of the drug is manufactured using precursor chemicals sourced from China.
China has previously accused the U.S. of using tariffs to “blackmail” them on the issue.
Trump to visit China; Xi to come to US
The leaders have planned follow-up meetings, according to Trump.
The president told reporters he plans to visit China in April, and that Xi will make a reciprocal trip stateside after.
NewsNation’s Patrick Djordjevic and Michael Ramsey contributed to this report.