On October 30, 2025, U.S. President Donald Trump met with Chinese President Xi Jinping in Busan, South Korea, during the Asia Pacific Economic Cooperation (APEC) summit. Following their discussions, Trump announced a reduction of tariffs on fentanyl-related imports from China to 10%. This decision is seen as a step towards resolving the ongoing trade war between the two nations, which has seen escalating tariffs and retaliatory measures. Trump characterized the trade dispute as 'settled' and expressed optimism about future cooperation. The meeting was crucial, given the recent tensions surrounding trade policies and export controls, particularly regarding rare earth elements. Both leaders emphasized the importance of maintaining a constructive relationship to avoid further economic fallout.