3 major business takeaways from Trump and Xi's first face-to-face meeting in 6 years

• Trump and Xi met in South Korea for their first face-to-face talks in six years, easing trade tensions.

• The US will cut tariffs on Chinese goods as Beijing restarts massive farm-goods purchases.

• China pledged rare-earth access, fentanyl cooperation, and potential Alaskan energy deals.

Donald Trump and Xi Jinping just hit reset on the world's most important economic relationship.

The two leaders met Thursday in Busan, South Korea, for their first in-person talks since 2019 — a long-awaited summit that signaled a thaw after years of tariff wars, tech tensions, and pandemic-era isolation.

Both sides emerged projecting warmth and progress.

Trump said it was a "truly great meeting," while China's Foreign Ministry said the two countries should remain "partners and friends."

Beneath the diplomatic niceties, three clear business signals stood out.

Trump told reporters the US will cut tariffs on Chinese goods linked to fentanyl production from 20% to 10%, extending what amounts to a fragile ceasefire in the trade war.

Beijing's statement said that "economic and trade relations should continue to serve as the anchor and driving force for China-US relations."

Analysts see the move as a de-escalation that could calm investor nerves and stabilize global supply chains, especially for manufacturers squeezed by years of retaliatory tariffs.

Trump announced that China will resume buying "massive" amounts of US soybeans, sorghum, and other farm goods, saying, "Our farmers will be very happy."

That commitment revives a key export channel that had shriveled under Beijing's retaliatory tariffs during Trump's first term in the White House.

The purchases will likely bring relief to producers in the Midwest, a core region for Trump's support base.

Trump even joked that farmers should "go out and buy more land and larger tractors."

Trump said China agreed to continue the free flow of rare earths and critical minerals — materials vital for EVs, wind turbines, and semiconductors — while also pledging to help curb fentanyl trafficking into the US.

He added that the two nations will explore large-scale energy transactions, possibly involving oil and gas exports from Alaska, with discussions to follow between US and Chinese energy teams.

That's potentially significant for US energy producers and could reshape commodity flows if realized.