A one-year trade truce
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 30 October 2025
⏱️ 7 minutes
🧾️ Download transcript
Summary
President Donald Trump and Chinese President Xi Jinping have pulled U.S.-China relations back from the brink. China says both sides will suspend plans to expand export controls — the U.S. on advanced tech and China on rare earths — and Trump will reduce tariffs on China’s exports by 10%. Plus, Meta stocks are down in the dumps, and the Netherlands is experiencing growing pains in the clean energy transition.
Transcript
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| 0:00.0 | The U.S. and China today work to thaw some of the ice. |
| 0:05.8 | I'm David Brancaccio in Los Angeles. President Trump and Chinese President Xi today agreed to a one-year trade truce and lowered the temperature in critical areas such as China's rare earths, illegal fentanyl shipments, and U.S. controls on microchip exports. Marketplaces China correspondent, Jennifer Pack reports from Shanghai. |
| 0:26.1 | With this meeting, Trump and Xi have pulled U.S.-China relations back from the brink. |
| 0:31.2 | China says both sides will suspend plans to expand export controls, the U.S. on its high-tack and China on its rare earths, |
| 0:39.5 | though that still leaves plenty of restrictions on both sides. |
| 0:43.1 | Chinese exporters and American importers also got a tiny break. |
| 0:47.2 | Trump will reduce tariffs on China's exports by 10%. |
| 0:50.6 | Meanwhile, American farmers should see the Chinese buying their goods again. And Trump says |
| 0:55.8 | China will do more to stem the flow of chemicals used to make the highly addictive drug fentanyl into the U.S. |
| 1:02.3 | The meeting did not address core U.S. issues of fairness and market access. Still, Trump called |
| 1:08.2 | the meeting amazing, while the Chinese say it had positive results. |
| 1:12.8 | In Shanghai, I'm Jennifer Pack for Marketplace. |
| 1:15.7 | Treasury Secretary Scott Besson said today, China has approved a TikTok transfer deal, adding that he expected to move forward in the coming weeks and months, but gave no other details. |
| 1:26.4 | China has, after all these weeks of U.S. |
| 1:28.9 | assertions, yet to actually confirm that deal to spin-off TikTok's U.S. business to U.S. |
| 1:35.3 | interests. The U.S. passed the law late last year, requiring a spinoff amid privacy and |
| 1:40.2 | propaganda concerns. Shares of Facebook meta are in the dumps to start the day here after |
| 1:45.5 | Bloomberg News reported the company wants to borrow $25 billion by selling bonds. The stock is down |
| 1:51.7 | nearly 11 percent now. Susan Schmidt is senior portfolio manager at Exchange Capital Resources. |
| 1:58.8 | One of the things they cited was that they're going to be spending yet more on AI. |
| 2:03.7 | They've increased the spend on AI throughout the year. |
| 2:06.7 | I think investors are really concerned about this now. |
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