Trump cuts China tariffs after promises from Xi on rare earths, soybeans

• Speaking to reporters aboard Air Force One, Trump said tariffs on Chinese exports would drop to 47% from 57%.
• He later said in a Truth Social post they'd agreed on "many things," with others "being very close to resolved."

Driving the news: The meeting lasted around 1 hour and 40 minutes and began in a friendly fashion, with Trump describing Xi as a "friend" and "great leader" whom it was an "honor" to meet.

• Xi said he felt "warm" meeting Trump again and added that while the U.S. and China "do not always see eye to eye," they should be "partners and friends."
• The cameras withdrew without the leaders taking questions, and Trump didn't make any remarks before boarding Air Force One for Washington.
• But the suspense didn't last long. On board, Trump told reporters he'd travel to Beijing in April, and Xi would visit the U.S. after that.

Hours later, in the Truth Social post, Trump hinted at a possible "very large scale transaction" for China to buy oil and gas from Alaska.

• He also said China would buy "massive amounts" of soybeans, sorghum and other U.S. crops.
• "In fact, as I said once before during my first Administration, Farmers should immediately go out and buy more land and larger tractors," Trump wrote.

The other side: Chinese state media quoted Xi as offering a similarly positive spin on the meeting.

• "The world today is confronted with many tough problems. China and the United States 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, per Xinhua.

By the numbers: Markets reacted cautiously in the early hours. U.S. stock futures were flat early Thursday, following a slightly lower close in Asia and similar open in Europe.

• Oil, gold and cryptocurrencies fell slightly, while the dollar was flat and yields on U.S. Treasuries were up a bit.

Catch up quick: Trump announced multiple new agreements with key trade partners in Asia this week, ahead of the high-stakes meeting with Xi.

• "The world is watching, and I think we'll have something that's very exciting for everybody," Trump said at the Asia-Pacific Economic Cooperation summit.

• Trump said in a Truth Social post just an hour before sitting down with Xi that the U.S. would resume testing nuclear weapons after a three-decade hiatus, in part because of China's nuclear advancements.
• It's unclear whether that surprise announcement came up in the closed-door discussions.

What to watch: The big question is whether lasting agreements are now actually in place on the hardest issues in the relationship: access to rare earth minerals, soybean exports, the flow of fentanyl, and export restrictions on U.S. tech like AI chips.

• For now at least, Trump won't be imposing the extra tariff of 100% he'd threatened on Chinese goods.

The intrigue: Trump secured a number of rare earth deals during this Indo-Pacific trip — a nod to the reality that the U.S. needs a diversified supply chain.

• China's one-year suspension of rare-earth export curbs buys time, but it leaves long-term supply chain tensions unresolved.
• The U.S. is unlikely to be able to stand on its own with rare earths in the near-term, the vast majority of which are controlled — and used as leverage on the global stage — by China.
• Trump will meet with Central Asian leaders when he returns to Washington, with rare earths top of the agenda.

Editor's note: This story has been updated with market reactions.