Clinched deal with China's Xi on rare earths: Trump

ABOARD AIR FORCE ONE:  US President Donald Trump said he had clinched a deal with China’s President Xi Jinping on rare earths aboard Air Force One on Thursday.

The US president told reporters China rare earths deal was for one year and was extendable. He also said that the US and China would ‘work together’ on the Ukraine war.

US President Donald Trump described his meeting with China's leader Xi Jinping was a "great success" and said he would head to China in April for new talks.

"I'll be going to China in April and he'll be coming here sometime after that, whether it's in Florida, Palm Beach or Washington, DC."

"A lot of things we brought to finalisation" at Thursday's talks in Busan, South Korea, added Trump, praising Xi as a "tremendous leader of a very powerful country".

 He also said that he did not discuss Taiwan with President Xi. Trump also said he was too 'busy' to meet North Korea's Kim Jong Un, adding he could "come back".  

'Consensus reached'

President Xi Jinping said China has reached a consensus with the United States on economic and trade issues, state media reported, after meeting Thursday with US leader Donald Trump.

On Thursday, Xi told Trump that the two countries "should have positive interactions on the regional and international stage", Chinese state news agency Xinhua reported.

Xi said that teams from both sides had "exchanged in-depth views on important economic and trade issues and reached a consensus on resolving them", according to the Xinhua readout which offered no details on specific agreements reached.

"Both teams should refine and finalise follow-up work as soon as possible, maintain and implement the consensus and provide tangible results to set minds at ease about the economies of China, the United States and the world," he added.

Earlier, Chinese President Xi Jinping and US President Donald Trump wrapped up their meeting on Thursday without making any official comments as Trump departed from South Korea.

Trump, Xi meeting

The meeting took place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit.

Sitting opposite each other, each leader was flanked by senior officials, including Secretary of State Marco Rubio, Treasury chief Scott Bessent, and Commerce Secretary Howard Lutnick.

Xi's team, which arrived from Beijing shortly before -- the US side was already in South Korea -- included Foreign Minister Wang Yi, Commerce Minister Wang Wentao, and Vice Premier He Lifeng.

Trump and Xi opened their first face-to-face meeting in six years, seeking a truce to end a trade war that has roiled the world economy.

Both countries need to work together: Xi

Before the meeting, Xi told Trump that while the two countries did not always see eye to eye, they should strive to be "partners and friends."

"China and the US can jointly shoulder our responsibility as major countries and work together to accomplish more great and concrete things for the good of our two countries and the whole world," Xi said.

The US president, who minutes before the meeting said he had ordered the Pentagon to start nuclear weapons testing on a level with China and Russia, complimented a smiling Xi as a "very tough negotiator" as they shook hands.

"We'll have a great understanding," Trump said, predicting a "fantastic relationship for a long period of time."

The US leader's latest missive on nuclear weapons testing broadened the stakes for his talks with Xi.

'Even in five years' 

Minutes before meeting Xi, Trump wrote on Truth Social that "because of other countries testing programs, I have instructed the Department of War to start testing our Nuclear Weapons on an equal basis."

Trump added that in terms of nuclear weapons stockpiles, China was a "distant third" behind the United States and Russia, "but will be even in 5 years."

The comments came a day after Russian President Vladimir Putin said Moscow had successfully tested a nuclear-capable, nuclear-powered underwater drone, in defiance of US warnings.

No response 

Trump did not provide details or respond to a journalist's question about his surprise nuclear announcement before the crucial meeting with Xi.

The world's two top economies' trade tussle -- encompassing everything from rare earths to soybeans and port fees -- has rocked markets and gummed up supply chains for months.

Following productive preparatory talks by top officials, Trump had said on Wednesday, on his way to South Korea, that "a lot of problems are going to be solved" in a "great meeting."

Export controls on rare earths  

Trump indicated that the agreement would include lowering 20% tariffs on Chinese goods related to fentanyl, which has killed tens of thousands of Americans.

Of particular importance to Trump -- with an eye on US farmers -- is whether China will resume purchases of American soybeans.

Another major issue is Beijing's export controls on rare earths announced this month, which prompted Trump to question the Xi summit.

Beijing holds a virtual monopoly on these materials, which are essential for sophisticated electronic components across a range of industries.

"The easiest wins could include removing port fees for ships or lifting some fentanyl-related tariffs, which fall fully under presidential authority.

China, in turn, could agree to purchase more US commodities to show goodwill," Yue Su at The Economist Intelligence Unit told AFP.

Crowning achievement 

The Xi-Trump meeting took place on the sidelines of the APEC summit, attended by leaders of 21 countries, including Japan, Australia, and Canada.

South Korea is the final stop on an Asia tour that saw Trump showered with praise and gifts, including a replica of an ancient Korean golden crown.

In Japan, new Prime Minister Sanae Takaichi said she would nominate Trump for the Nobel Peace Prize and gave him a putter and a gold-plated golf ball.

‘Not too distant future’

However, Trump's hopes of a re-run of his 2019 meeting with North Korean leader Kim Jong Un at the Demilitarized Zone frontier appear to have dashed.

Trump said that they would meet in the "not too distant future" and that he would like to "straighten out" tensions between North and South Korea.

On Thursday, he hailed the military alliance with South Korea as "stronger than ever" and said he had given the green light for Seoul to build a nuclear-powered submarine.