The US has agreed to pause a damaging new technology measure for one year, a key component of a broad new trade deal with China. The rule would have blocked thousands of Chinese firms from accessing US technology if they were partly owned by a sanctioned company.
This concession was part of a one-year agreement finalized by President Donald Trump and President Xi Jinping. The deal also includes the US slashing some tariffs and export controls.
In return for the US moves, China agreed to purchase US soybeans. Beijing also committed to not tightening restrictions on the export of rare earth minerals, a sector Trump had previously targeted with threats of 100% tariffs.
Following the successful talks, President Xi spoke at the APEC forum in South Korea. He championed open trade, warning against “breaking supply chains” and urging nations to “join hands rather than letting go.”
The positive diplomatic momentum includes planned state visits. Trump announced he will travel to China in April, with Xi visiting the US later in the year. Trump called the meeting “amazing,” while Xi stressed that “dialogue is always better than confrontation.”