 "G2, tech, tariff...: What China got from Trump-Xi meeting in South Korea")
From ‘G-2’ to US President Donald Trump’s many concessions on issues ranging from technology and tariffs, Chinese leader Xi Jinping on Thursday scored many victories in their summit in South Korea.
The biggest victory landed for Xi even before the meeting with Trump began.
In a social media post, Trump said, “The G2 will be convening shortly!”
The G-2 refers to the concept in which the United States and China, as the world’s two superpowers, run the world’s affairs together — without the rest of the world having a say. The idea has been criticised as it effectively carves out the world in US and Chinese spheres of influence.
With his post, Trump elevated China as the United States’ equal, announced the end of US’ supremacy, and suggested he wished to carve out the world with Xi. As he has been busy blowing up boats in the Caribbean Sea and deploying troops against his own citizens, he has effectively given Xi a free rein in the Indo-Pacific.
“THE G2 WILL BE CONVENING SHORTLY!” - President Donald J. Trump pic.twitter.com/LIhZjWYxwz
— The White House (@WhiteHouse) October 30, 2025
While Xi gained victories on many fronts such as access to US technology, tariffs, and Taiwan, he tossed Trump consolation prizes that were low-hanging and expendable for China with few meaningful consequences.
Xi wins on many counts from tech to tariffs
In exchange to a vague promise to pause export controls on rare earth elements for a year, Trump made concessions on tariffs, technology, and Taiwan.
Trump told reporters he had cut tariff related to fentanyl to 10 per cent from 20 per cent, reducing overall tariffs on China to 47 per cent.
Impact Shorts
More ShortsTrump also junked the threat to impose 100 per cent tariffs on China starting November 1.
Trump also gave a clean chit to China on its purchase of Russian oil. In sharp contrast, Trump accused India of funding the Russian war on Ukraine with its purchase of Russian oil despite the fact that China has consistently been the largest buyer of Russian oil.
Trump has slapped India with 25 per cent tariff for the purchase of Russian oil — taking overall tariffs to 50 per cent. On the other hand, he has completely dismissed China’s purchase of Russian oil.
“You know he’s [Xi] been buying oil from Russia for a long time. It takes care of a big part of China and you know I can say India’s been very good on that front, but, uh, we didn’t really discuss the oil,” said Trump.
In another concession, Trump postponed a rue that blacklisted majority-owned subsidiaries of Chinese companies on an entity list.
Reversing his stand on critical technology’s stand on China, Trump said he discussed the export of Nvidia’s chips with Xi and suggested he was open to such exports. He did not, however, offer any details.
In a major geopolitical concession, Trump said he did not discuss Taiwan at all in the meeting.
China considers the self-ruled island of Taiwan to be a breakaway province and is committed to occupy it and merge it. China has not ruled out the use of force for the merger. The US intelligence community has concluded that Xi has asked the Chinese military to prepare for China’s invasion by 2027.
Xi tosses consolation prizes at Trump
In return for these concessions, Xi tossed consolation prizes at Trump.
In addition to delaying the rare earth elements’ export controls for a year, Xi agreed with Trump to suspend fees for one year on ships that dock at either country’s ports.
Trump said that Xi agreed to purchase large amounts of a soyabeans, sorghum, and other farm products. Separately, Treasury Secretary Scott Bessent said China will buy 25 million metric tons of soyabeans annually over the next three years.
But the Chinese government simply said the two sides agreed to expand agricultural trade — nothing more, no specifics.
China successfully used the rare earth elements- and magnets-related export controls and a soyabean embargo to force Trump to lower tariffs, Wolfe Research strategist Tobin Marcus told clients in a note, as per CNBC.
“Xi was ready for Trump in his second term and has a powerful weapon in rare earths. China is getting the better of the US in these recent truce negotiations,” said Piper Sandler analysts led by Andy Laperriere, as per CNBC.
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